Home Money MARKET REPORT: Fresnillo shines as gold hits record high

MARKET REPORT: Fresnillo shines as gold hits record high

0 comment
Fresnillo, Mexico's largest gold producer, rose 4% as gold, seen as a safe haven asset to invest in in times of turbulence, rose to $2,450 an ounce.

As gold hit a record high while silver soared on hopes of US rate cuts and an improving outlook in China, Fresnillo led the FTSE 100.

Mexico’s largest gold producer rose 4 percent, or 24.5 pence, to 639.5 pence, as gold, seen as a safe haven asset to invest in in times of turbulence, rose to $2,450 an ounce .

It has risen nearly 20 percent this year, driven by geopolitical tensions in Europe and the Middle East and hopes for interest rate cuts.

Officials on both sides of the Atlantic have signaled that borrowing costs could be reduced in the summer. This has also driven up silver prices.

Fellow gold and silver miners also made gains: Centamin rose 0.9 per cent, or 1.1 pence, to 128.1 pence, Hochschild Mining added 2.6 per cent, or 4.4 pence, to 172 .4p and Endeavor Mining rose 3.3 per cent, or 57p, to 1,808p.

Fresnillo, Mexico’s largest gold producer, rose 4% as gold, seen as a safe haven asset to invest in in times of turbulence, rose to $2,450 an ounce.

And copper prices, which have risen by a quarter this year, hit a new high on signs of stronger demand from China. Antofagasta added 1.2 percent, or 28 pence, to 2,393 pence.

The FTSE 100 rose 0.1 per cent, or 3.94 points, to 8,424.20 and the FTSE 250 rose 0.6 per cent, or 123.43 points, to 20,873.33.

IT services provider Kainos soared 17.3 per cent, or 184 pence, to 1,246 pence after profits rose 19 per cent to £64.8 million in the year to the end of March.

Revenue rose 2 per cent to £382.4m.

Just over a third of sales came from the public sector, while sales in its healthcare business, which fell 11 per cent to £44.2m, are expected to return to growth.

Rolls-Royce moved closer to a new record as the jet engine maker’s turnaround accelerates.

It plans to establish a site in Sheffield to manufacture and test prototype modules for its small modular reactors.

money" data-version="2" id="mol-1e861870-cf19-11ed-afe0-e1c8635f86cb" data-permabox-url="https://www.thisismoney.co.uk/money/markets/article-13440167/MARKET-REPORT-Fresnillo-sparkles-gold-hits-record-high.html">

Stock Watch – CT Automotive

1716253771 565 MARKET REPORT Fresnillo shines as gold hits record high

CT Automotive accelerated as China’s post-pandemic rebound helped the auto parts maker return to profits of £4.6 million by 2023, after suffering a loss of £14.8 million on last year.

The company, which makes dashboard panels, armrests and cup holders for car firms including Skoda, Ford and Tesla, said demand had increased after a Covid lull.

Its main production centers are located in China. The shares, which were trading at 147p in 2021, rose 19.6 per cent, or 11p, to 67p.

The shares, which have more than quadrupled in value since Tufan Erginbilgic took over as chief executive in January last year, rose 4.5 per cent, or 18.7p, to 436.8p.

Urban broker WH Ireland (unchanged at 4p) is considering the sale of its Capital Markets division and is in talks with potential buyer Zeus Capital.

Itaconix, which makes ingredients used in air fresheners, hair gels and dog shampoos, reported a positive start to the year.

It recently launched two products and received orders from customers in Europe and North America.

The shares rose 18.6 per cent, or 26p, to 166p.

Victorian Plumbing gained 8.9 per cent, or 7.6p, to 93p after buying bathroom retailer Victoria Plum for £22.5m.

AFC Energy, which makes hydrogen fuel cells to power electric vehicles and generators, secured a major order from equipment rental company Niftylift for its pickers, adding 5.4 per cent, or 1.1 pence, to 21, 5 pence.

Law firm Knights Group expects annual revenue to rise 6 per cent to around £150 million in the year to the end of April, while profits should rise 16 per cent to at least £25 million. It rose 10.3 per cent, or 14.5p, to 156p.

Meat supplier Hilton Foods Group made a bright start to the year with higher sales despite business weakening, and said UK and Ireland revenue rose due to strong Easter trading.

It rose 0.2 per cent, or 2p, to 942p.

Some links in this article may be affiliate links. If you click on them, we may earn a small commission. That helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

You may also like