Mixed fortunes for London-listed miners amid Brexit vote fallout

Jessica Morris
Follow Jessica
A Look Inside China's Steel Industry
Copper and gold prices rose today (Source: Getty)

The fallout from the UK's Brexit vote was a boon for precious metals miners as investors sought safe-havens today, but this wasn't the case for the whole sector.

Mexico's Fresnillo finished up seven per cent to 1,483p per share, while Rangold Resources added 9.02 per cent to 8,035p and gold miner Centamin swelled 8.15 per cent to 130.10p.

Read more: Texas "frack master" accused of $80m fraud by the SEC

"In light of the UK voting for a Brexit, we expect gold to provide a haven for investors. Coupled with sterling weakness we see upgrades for all gold producers in the near term," Kieron Hodgson, a commodity and mining analyst at Panmure Gordon, said.

But BHP Billiton closed down 1.68 per cent to 841.90p, while Anglo American ended 4.42 per cent lower at 629.90p. Glencore finished down 2.8 per cent at 135.55p and Lonmin slumped 5.69 per cent to 161.50p.

Read more: Miner BHP Billiton swims against the tide with spending boost

Copper prices rose today as funds and traders reversed short-term bets of low prices on expectations of economic stimulus, Reuters reported. But other metals such as zinc, aluminium and lead - came under pressure from a stronger US dollar.

Global markets gyrated for a second day following Britain's shock decision to leave the European Union. Betting markets as well as a string of polls had predicted that the Remain campaign would triumph.

Related articles