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FTSE 100 movers: Gold miners shine; Rightmove retreats again
(Sharecast News) - London's FTSE 100 was up 1.2% at 9,797.09 in afternoon trade on Monday. Precious metals miner Fresnillo and gold miner Endeavour shone as the price of the yellow metal rose amid expectations of a Federal Reserve rate cut.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: "A softer dollar added fuel to the rally, making the metal more attractive to overseas buyers.
"While gold rising alongside equities feels counterintuitive, the mix of policy uncertainty and US interest rate cut expectations is keeping this unusual correlation alive."
SSE was in the black ahead of interim results on Wednesday and following a report the power generator and network operator is mulling various funding options, as it looks to bolster its balance sheet and fund grid spending.
According to Bloomberg, options being explored with advisors include a share sale that could raise billions.
Details, however, have yet to be finalised, Bloomberg said in a report on Sunday, citing unnamed sources.
Rightmove was under the cosh again, having tanked on Friday after the property portal warned that increased investment in technology and artificial intelligence would weigh on profits.
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