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FTSE 100 movers: Fresnillo shines again; Pearson dented by Goldman results preview
(Sharecast News) - London's FTSE 100 up 0.3% at 9,145.80 in afternoon trade on Wednesday. Precious metals miner Fresnillo and gold miner Endeavour shone as gold prices hit fresh highs.
Kathleen Brooks, research director at XTB, said: "The gold price continues to extend gains into record territory on Wednesday and is comfortably trading above $3,530. The gold price is reacting to fears about stagflation: high inflation, lower interest rates in the US and sluggish growth."
Babcock was also in the black following a report the UK is in advanced talks to build warships for Denmark and Sweden.
According to the Financial Times, discussions are centred on Babcock producing Type-31 frigates at Rosyth in Scotland for Denmark and Sweden.
On the downside, educational publisher Pearson was the worst performer on the index as Goldman Sachs said in a results preview that it expects only "slight" growth acceleration in the third quarter, with focus on the fourth quarter to deliver full-year guidance.
The bank said it was updating its estimates ahead of 9M25 results in late October, where it forecasts 3.5% growth in third-quarter group organic revenue, below Visible Alpha consensus data at 4.6% growth.
"In particular, we are below Q3 consensus on ELL, A&Q and Virtual Learnings," Goldman said.
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