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* FTSE 100 edges up 0.1 pct
* BHP gains after hedge fund proposal
* Though precious metals miners drop
By Kit Rees
LONDON, April 10 London-listed shares edged
higher on Monday as a rise in BHP Billiton led gains among
miners, although gold-linked resource stocks fell.
The blue chip FTSE 100 index was up 0.1 percent at
7,354.02 points by 0859 GMT, keeping in step with a broadly flat
Gains among base metal miners provided support,
as shares in BHP Billiton jumped 5 percent after hedge
fund Elliott Advisors sent a letter to the miner proposing a
plan to unlock shareholder value.
The hedge fund's plan involved scrapping the miner's London
Stock Exchange listing, demerging its U.S. oil arm and revising
its capital return policy.
"Being based in Australia, you've got a lot of resources in
the country itself, you've got access to Asia which is a great
consumer of those kinds of resources, but then the capital,
historically, has always come from London - so that's
essentially why you've got two listings," said Ken Odeluga,
market analyst at City Index.
"I don't really see how much value would be unlocked by such
a drastic action so quickly."
Fellow miners Rio Tinto and Anglo American
also gained around 1.4 percent.
Precious metals miners Randgold Resources and
Fresnillo were among the biggest fallers, however, down
1.4 percent and 1.6 percent respectively as the price of gold
inched lower, hampered by a stronger dollar. Mid cap Centamin
also fell 3.8 percent.
Shares in Barclays reversed earlier losses to trade
0.4 percent higher after the bank said that British regulators
were investigating its Chief Executive Jes Staley and the bank
itself over the handling of a whistleblowing incident.
The investigation by the Financial Conduct Authority and the
Prudential Regulation Authority relates to an attempt by Staley
last year to identify the author of a letter that was treated by
Barclays as a whistleblowing incident, Barclays said in a
"While Mr Staley's reputation has undoubtedly taken a
serious knock, we believe that it remains in the best interests
of shareholders to keep him in the post of CEO and hence we
recommend that they follow the board's direction and vote in
favour of his reappointment at the AGM in May," Gary Greenwood,
analyst at Shore Capital Markets, said in a note.
Outside of the blue chips, shares in UK Real Estate
Investment Trust Shaftesbury rose 4.6 percent on a media
report of a Hong Kong-based billionaire eyeing a bid for the
(Reporting by Kit Rees)