U.K. Shares On A Decline, Weighed Down By Mining Equities and Strong Pound
Oct, 25th 09:58
U.K. shares tumbled on Wednesday, dragged down by losses in mining stocks while Sterling jumped strongly after an upbeat GDP data which exerted pressure on companies that earn much of their revenue abroad.
The FTSE 100 index reversed lower to shed 0.45 percent on Wednesday after having closed 0.1 percent higher in the previous session. Declining gold and other metal prices sent equities of miners lower.
Indeed, shares of gold mining business Randgold Resources PLC and the world’s largest producer of silver Fresnillo PLC dropped 1.34 percent and 2.76 percent. Due to a drop in copper prices, shares of Antofagasta PLC slipped by 3.73 percent.
Contributing to the downside, the British Pound advanced after figures released by the Office for National Statistics showed Britain’s economy picked up speed unexpectedly in the third quarter. The pair GBPUSD added more than 0.5 percent to trade at $1.3198, compared with $1.3133 late Tuesday in New York.
Data showed Q3 gross domestic product growth jumped by 0.4 percent, which is higher than both the 0.3 percent growth in the three months to June 2017 and market forecast calling for a growth of 0.3 percent.
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