Miners and housebuilders support FTSE

The FTSE 100 closed 0.7% higher at 6,797, which was supported by a rally in housebuilding and mining stocks.

Randgold Resources (RRS) and Barratt Development (BDEV) were among the biggest blue chip risers, trading more than 3.5% higher.

West Texas Intermediate (WTI) crude oil was stable at $45.60 and Brent crude oil fell by 0.2% to $46.55 per barrel, respectively.

Gold nudged higher to $1,225 per ounce and copper gained 0.8% to $5,467 per tonne.

Retail sales rose by 7.4% last month compared to October 2015 according to the Office for National Statistics.


Royal Mail (RMG) slumped 7.2% to 462.8p as first half results showed revenue grew 1% and operating profit declined 5% to £320m. Chief executive Moya Greene increased a cost cutting target from £500m to £600m over the next three years.


Infrastructure firm Hill & Smith (HILS) gained 3.5% to £12.52 as conditions in many of its key infrastructure markets ‘remain favourable’. Revenue grew 6% in the three months to 1 October while operating margins were also higher than the same period last year.

Virgin Money (VM.) declined 5.9% to 318.5p as private equity firm WL Ross sold its remaining stake in the lender. Investment bank Merrill Lynch organised the transaction, which saw institutional investors buy up WL Ross’ 12% equity stake at 320p a share.

Investec (INVP) was in positive territory after generating a decent profit performance and reported a stronger capital position. Core Tier 1 equity, a measure of financial strength, increased from 6.3% to 7%.


Small cap marketing firm Creston (CRE) soared 31.5% to 123p as asset manager and shareholder DBAY Advisors launched a 126p a share bid.

Engineered electronics provider TT Electronics (TTG) was 3.8% higher on positive trading, which was positively impacted by foreign currency movements. Underlying profit in the first ten months of the year increased by £2.5m.

Story provided by StockMarketWire.com


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