Precious metal producer Fresnillo has ploughed to the top of the FTSE 100 this morning after Donald Trump won the 2016 US Presidential election.
Metals stock is gaining traction as investors move away from equities towards safe haven investments such as gold.
Shares in Mexico-based precious metals group Fresnillo were up 9.69 per cent shortly after markets opened, taking it straight to the top of the blue chip index. While still topping the FTSE 100, it is now trading 8.69 per cent higher to 1,739p.
9 November 2016 @ 10:15amFresnillo (FRES)
Gold mining business Randgold Resources, which operates mainly in Mali, added 7.23 per cent this morning to become the second highest riser shortly after the markets opened, though it is now the fourth highest riser – behind Ashtead Group and Shire – up 7.31 per cent to 7.270p.
Polymetal International has added 4.79 per cent to trade at 951p, making it the the seventh highest riser, while Chilean-focused mining group Antofagasta Holdings was the eighth highest FTSE riser at the time of writing, adding 4.41 per cent to 615p.
Spot gold prices surged almost five per cent at peak this morning to more than $1,337 an ounce. Gold has now shed some earlier gains and is trading 2.1 per cent higher at $1,302.4 an ounce.
Pharmaceutical shares were also on the up, with Shire and Hikma Pharmaceuticals taking the third and fifth spots. The pharma sector was one of the few sectors thought to be privately, if not publicly, hoping for a Trump win in the run-up to the election.