Precious metals rally propels miners to top of FTSE 100
Precious metals rally propels miners to top of FTSE 100 Proactive uses images sourced from Shutterstock

Precious metals producers and mainstream miners climbed to the top of the FTSE 100 as stronger gold, silver and copper prices boosted the resources sector.

Fresnillo gained 3.6%, and Endeavour Mining rose 3.5% as gold jumped 2.9% to around $4,054 an ounce and silver surged 4.4% to about $51.94 an ounce.

Anglo American advanced 2.3% as copper rose 0.6% to around $6.44 a pound, extending support for diversified miners after metals prices remained at elevated levels.

The moves helped lift the FTSE 100 around 0.3% to 10,669 by 9am, offsetting weakness in industrial and defence stocks.

Precious metals were also supported by a weaker US dollar and lower Treasury yields as investors digested the outcome of the US midterm elections.

The gains contrasted with a 7% slide in Weir after its third-quarter order intake failed to impress investors despite unchanged guidance.

BAE Systems fell more than 5% and Babcock International lost almost 3%, while Smith+Nephew dropped around 2% after lowering its full-year revenue and profit expectations.

Banks also provided support, with HSBC up 2.7% and Standard Chartered gaining 2.5%.



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