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FTSE remains in the red amid falling oil prices

By BFN News | 04:59 PM | Monday 16 April, 2018

Oil prices remained weak followed a dialling down of tensions over the geopolitical situation in Syria. This kept pressure on oil majors such as BP (BP.), down 1.6% at 496.3p. Miners were also down with Evraz (EVR), which is also affected by the tensions between Russia and the US, shedding 7% to 365.2p. It was followed lower by Randgold Resources (RRS) and Fresnillo (FRES). The FTSE 100 closed down 0.9% at 7,198. Brent crude oil retreated 1.3% to $71.65 per barrel. Copper climbed 1.2% to $3.10 per pound and gold glittered at $1,348 per ounce. OVERSEAS MARKETS Wall Street opened higher on Monday as investor sentiment remained steady following missile attacks in Syria over the weekend. The Dow Jones led the way, up 0.8% at 24,553 around 5pm UK time. MID AND LARGE CAP RISERS AND FALLERS Shares in Costa Coffee and Premier Inn owner Whitbread (WTB) frothed 7.2% higher to £42.18 after activist investor Elliott Advisors became the largest investor in the company. According to reports, Elliott is seeking a spin-off of Costa. Advertising colossus WPP (WPP) fell 6.5% to £11.11 as investors reacted to the resignation of chief executive Martin Sorrell, who had been subject to a misconduct probe. Rare diseases specialist Shire (SHP) was down 1.1% at £35.66 after agreeing to sell its oncology business to French rival Servier for $2.4bn amid a potential takeover approach from Takeda. Polymetal (POLY) announced it will receive 85% of copper-gold East Tarutin deposit licence holder Tarutinskoye in return for 100% of Polymetal's licence holder Vostochny Basis of the copper-gold Tarutin deposit. Its shares dropped 9.5% to 611.2p. SMALL CAP RISERS AND FALLERS Investors were pleased with Carr's (CARR) latest half year results following a recovery in its engineering division and a strong performance in its agriculture business. Its shares grew 4.2% to 143p. Orosur Mining (OMI) revealed lower production in its third quarter following a change in approach to its Uruguay gold project, dragging the shares 19.6% lower to 5.1p. Story provided by

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