Markets
Market update (PM): Fresnillo lifted by record quarterly production
Rob Langston, 14 July 2011
Fresnillo (FRES.L) was the strongest riser at the close of trading, as share price rose 4.9 per cent to 1,595p.
The Mexican precious metals miner was boosted by a second quarter production statement highlighting record production of both gold and silver, in the three months to 30 March 2011.
Jaime Lomelín, chief executive at Fresnillo, said, commercial production at Saucito and Soledad-Dipolos has resulted in 'record levels' of quarterly and half year silver and gold production.
He added, 'In the second quarter we continued to focus on operational discipline and cost reduction initiatives, while our exploration programme remained on track with encouraging results in several projects.
'Construction of the Noche Buena gold mine is advancing according to schedule and is expected to begin production in 2012. We believe that all these actions will help us to achieve our production targets for 2011 and reinforce our growth strategy.'
Lloyds Banking Group (LLOY.L) saw its share price rise by 3.2 per cent to 453.82p, while primark owner Associated British Foods (ABF.L) added 2.3 per cent, closing at 1,081p.
Insurer Admiral (ADM.L) was up 2.1 per cent to 1,579p, while Kingfisher (KGF.L) rose 1.7 per cent to 258.3p.
The biggest faller was oil & gas services company Petrofac (PFC.L), down 3.8 per cent to 1,445p, Cairn Energy dropped 3.4 per cent to 387.3p, and Intercontinental Hotels Group (IHG.L) fell 3.2 per cent to 1,241p.
Microchip manufacturer Arm Holdings (ARM.L) was down 2.9 per cent to 574.5p, and advertising group WPP (WPP.L) dropped 2.7 per cent to 717.5p.
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