FTSE 100 seen higher as oil, gold, silver and platinum climb
Overview: the FTSE 100 is projected to extend its winning streak to four days today after Friday’s gains in the US stock markets, which went through a volatile session after falling into the red early after the non-farm payroll update showed a higher than expected unemployment rate.
The Dow Jones industrial average tacked on 0.17%, the S&P 500 index added 0.25% and the technology focused Nasdaq composite index was up 0.3%.
Asian markets were bullish today. Hong Kong’s Hang Seng rose 0.8% in the morning, Shanghai composite index rose 0.4%, but Japan’s Nikkei added 0.2%.
Oil prices inched higher from Friday’s levels with December Brent Crude improving to US$77.08/barrel and US light, sweet crude for December delivery rising to US$78.71/barrel.
Precious metals also gains. Gold finally broke through US$1,100/oz, while silver and platinum improved to US$17.70/oz and US$1,357/oz respectively.
Base metals followed, posting slight gains. Copper and nickel improved US$2.98/lb and US7.96/lb respectively, while zinc climbed back to US$0.98/lb.
The Footsie is seen tacking on as much as 1% in early trade today.
Investors will be looking for news form American food giant Kraft, which has until 5 PM today to come back with a sweetened takeover offer for British confectionery company Cadbury (LSE: CBRY).
Morning news wrap
Telecom company Inmarsat (LSE: ISAT) said its subsidiary Inmarsat Holdings Limited posted a 8.7% increase in revenues in the third quarter, while profits improved 33.5% to US$50.2 million.
Security solutions group G4S (LSE: GFS) said there had been no material changes in trading performance, financial position or market conditions since the company reported on its interim figures in June.
In the FTSE 250, online gambling company PartyGaming (LSE: PRTY) has acquired WPT Enterprises (LSE: WPTE) for US$12.3 million plus an additional aggregate payment of US$3 million in the next three years relating to an ongoing revenue sharing agreement.
Salamander Energy (LSE: SMDR) said its production from the Kambuna field has recommenced at an initial rate of 10 MMscfd (million standard cubic feet per day).















