FTSE 100 Live: Stocks off highs, oil majors rise, airlines slide

Proactive Investors –

FTSE 100 2 points at 7,497
Oil price jumps after attack on Israel
Airlines dive as flights cancelled
Gold price rallies – seen as safe haven

Gold prices bounced off a seven-month low on Monday after the weekend attacks on Israel boosted demand for the safe haven asset.

The yellow metal advanced 1% cent to $1,850 per troy ounce, reversing the downward pressure exerted in recent weeks by the US Federal Reserve indicating that interest rates will probably remain higher for longer.

Investors tend to ditch gold when yields on US Treasuries rise since gold is a non-yielding asset, yet rush to the precious metal during times of uncertainty

Craig Erlam at Oanda said: “The yellow metal has been under immense pressure in recent weeks as investors became increasingly unsure about the inflation and interest rate environment and yields soared.”

“That appears to have steadied for now but policymakers will have plenty of chance to calm nerves – or reinforce those concerns – this week.”

Here’s a quick recap of the top risers and fallers on the junior end of the market today

Cornish Metals Inc. (LON:CUSN) shares added 15% as the UK mine developer told investors that the Crofty project’s feasibility study is advancing on schedule, with a substantial amount of the study now completed.

Chill Brands (LON:CHLL), the CBD and smoking alternatives company, rallied 14% after it revealed a deal to sell its nicotine-free vapes in WH Smith PLC (LON:SMWH) stores.

Shares in Jadestone Energy Inc (LON:JSE) jumped over 11% as the oil and gas firm announced a boost to its borrowing capacity, alongside progress at the Akatara project.

Mind Gym PLC, the staff training and business service, plummeted 33% after the group warned full-year profits and revenues would be “significantly lower” than market expectations, while also posting a loss for the first half.

Croda International PLC (LON:CRDA) dipped 5% after the chemical specialist slashed profit guidance for the full year on depressed sales.

1:05pm: Amazon (NASDAQ:AMZN) plans Christmas hiring spree

Online retailer Amazon is preparing for the Christmas rush by recruiting 15,000 people to fill seasonal roles.

Amazon, which has faced strikes by workers seeking wage rises at its warehouses this year, has also announced a pay rise for its staff of at least £1 an hour.

The minimum starting pay for frontline employees will increase to between £11.80 and £12.50 an hour depending on location.

The rise, for all full-time, part-time, temporary and seasonal roles, will be effective from October 15, it said.