FTSE 100 movers: black gold trumped by gold gold

14th Jul 2011 15:33

Mexican precious metals miner, Fresnillo, led the charge today after announcing record production of both gold and silver in the second quarter of 2011.The news that the company was 'deeply concerned' by the deaths of several workers at its operations during the period didn't dent investor confidence and in late afternoon trading Fresnillo shares were almost 6% higher at 1,604p.The firm said silver production achieved record levels in the quarter due to the successful start-up of commercial production at the company's Saucito mine.Total silver production was up 8.8% in the three months to the end of June, compared with the same period last year. Quarterly attributable gold production also reached record levels, up 21% on the year before. This news came on a day when gold hit new record highs and silver jumped again, no doubt making Fresnillo even more attractive.In contrast Petrofac was shaken by a downgrade from Barclays. The bank slapped an 'underweight' rating on the the UK-based oilfield services and engineering provider, causing shares to fall 3%.FTSE 100 - RisersFresnillo (FRES) 1,597.00p +5.07%Lloyds Banking Group (LLOY) 45.83p +3.22%Associated British Foods (ABF) 1,086.00p +2.74%Admiral Group (ADM) 1,574.00p +1.75%Kingfisher (KGF) 258.50p +1.73%Randgold Resources Ltd. (RRS) 5,520.00p +1.47%Rexam (REX) 382.00p +1.30%Rolls-Royce Group (RR.) 658.50p +1.15%BP (BP.) 461.60p +1.12%Shire Plc (SHP) 2,068.00p +1.08%FTSE 100 - FallersPetrofac Ltd. (PFC) 1,457.00p -3.00%Cairn Energy (CNE) 390.00p -2.77%InterContinental Hotels Group (IHG) 1,248.00p -2.65%WPP (WPP) 721.00p -2.24%Man Group (EMG) 240.30p -2.24%ARM Holdings (ARM) 579.00p -2.11%Tullow Oil (TLW) 1,278.00p -1.92%Carnival (CCL) 2,248.00p -1.92%Wolseley (WOS) 1,904.00p -1.81%Marks & Spencer Group (MKS) 357.20p -1.81%