Newspaper article The Journal (Newcastle, England)

FTSE 100 Ends the Week in Positive Territory; FTSE 100 TOM SOLLY Brewin Dolphin

Newspaper article The Journal (Newcastle, England)

FTSE 100 Ends the Week in Positive Territory; FTSE 100 TOM SOLLY Brewin Dolphin

Article excerpt

Byline: Brewin Dolphin

THE FTSE 100 Index ended the week on a positive note by closing 27.3 points higher at 6693.4.

Vedanta, the India focused mining company, reported half year results for the six months to September 30, 2013, in which it posted a 17% fall in revenue to US$6.2bn. This resulted in a US$217m loss. In the same period of 2012, Vedanta posted a US$174m profit. According to the board, the loss largely stemmed from an ongoing ban of iron ore mining in two key Indian states, lower commodity prices and foreign exchange volatility.

Nevertheless, the interim dividend was increased by 5% to US$0.22 a share. Despite these losses the company reported record oil and gas production and increased production of refined zinc, lead and silver as well as strong performance in the Aluminium division. In terms of the mining restrictions in India, the Karnataka iron ore mine is awaiting final clearances to resume mining but the Supreme Court's order still permits sales from iron ore inventories in Goa. …

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