FTSE Gains As Pound Struggles Following Brexit Discussions

The FTSE 100 made some modest gains on Monday, thanks to the strength of miners who themselves benefited from strong Chinese GDP data. Meanwhile, the pound slipped as the second round of Brexit talks began.

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shareprices.com - Monday, July 17, 2017

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Meanwhile, AstraZeneca and ITV were both given a boost by news of new appointments at those companies. In addition, global employment data proved postive. Employment in the 35 countries that make up the Organisation for Economic Co-operation and Development has hit a record high, suggesting that there is a strong and widespread economic recovery underway. A total of 557 million people are now in work in those countries - an employment rate of 64.7%.

Miner Glencore is considering spinning off a new company that would acquire mining royalties across the world. The business would be seeded with £300million of streaming agreements that are currently in Glencore’s hands, and the new company would pursue its own copper, zinc, cobalt and nickel deals, eventually aiming for a stock market listing.

The plan is similar to the model that Franco-Nevada uses. This company does not own any mines, and instead earns revenue by streaming supply from other miners with the intent of reselling it. The company offers advance loans to miners, to support their capital projects.

The news of this potential deal has boosted Glencores shares, which are currently up by 5.75p, to 321.85p. Other miners made gains thanks to strong Chinese GDP data. China is the world’s biggest consumer of basic materials.

 

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