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FTSE 100 rises but shares in gold miners hit



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(Close): News of a management revamp at Standard Chartered helped to lift the FTSE, but gold miners were hit after the gold price fell to a five-year low.

The FTSE 100 index rose 18.07 points to 6,793.15, with shares in Standard Chartered climbing 1.08%.

StanChart said the heads of its retail bank, investment bank, and commercial and private bank would report directly to chief executive Bill Winters.

Shares in Fresnillo and Randgold suffered as the gold price fell.

In Asian trading, the price of the precious metal had dropped to $1,072.35 an ounce, the lowest since February 2010.

Fresnillo shares dropped 4.26% while Randgold Resources slipped 4.45%.

Shares in Barclays were up 0.27%. The bank declined to comment on a report in the Times newspaper that said it was planning to cut more than 30,000 jobs.

In the FTSE 250, Aveva jumped 27% after it agreed to merge with the software division of France's Schneider Electric to create what it called "a global leader in industrial software".

The deal will effectively lead to a reverse takeover of Aveva by Schneider.

On the currency markets, the pound fell 0.1% against the dollar to $1.5590 and also dropped 0.35% against the euro to €1.4360.

The pound had hit its highest rate against the euro since 2007 at the end of last week, pushing through the €1.44 level.