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Friday Update

DB Live: St Andrews Day gold; Centrica deal; footfall update

4.45pm: London closes lower

After spending most of the day in positive territory the FTSE 100 fell near the close on weak US payroll and employment data to close 51.78 points or (0.88%) lower at 5,799.08.

Wall Street’s main indexes extended declines with the Nasdaq on track for its worst two-day fall since March as technology stocks sold off again. The S&P 500 and Dow headed for their worst two-day decline since June 11 and June 12, respectively

8.15am: London slips

London opens lower, following its sharp dip at the close yesterday as tech stocks dived on Wall Street. The FTSE 100 was 19 points (0.32%) down at 5,831.88 in the first minutes of the session.

7am: Scotgold names first gold day

Richard Gray

Scotgold , the gold exploration and production company focused on Scotland, says it expects the first gold from its Cononish mine at Loch Lomond by St Andrews Day – 30 November.

Cononish has estimated reserves equating to a nine year life, although there is the potential to increase this in the future. 

The Aim-quoted firm has hired mining geologist-engineer Dr Simon Dominy as group manager – resources & reserves, and David Catterall as exploration consultant to advise on the Grampian project which is focused on identifying gold and base metal mineralisation within the highly prospective Grampian Terrane.

CEO, Richard Gray, pictured, said:   “The depth of our geological understanding of both Cononish and the Dalradian belt is obviously key to our long – term success and with the appointments made today, we are building a world class geoscience team to unlock the fantastic potential of this whole area and our significant land holdings in particular.

“Our objective is to use the cash flow generative platform which Cononish is expected to provide to build a highly profitable, low risk gold mining company operating in stable jurisdictions.”

Centrica buys energy supplier

Centrica, through its British Gas business, has acquired the energy supply customers of Robin Hood Energy for an undisclosed sum.

Robin Hood Energy currently serves around 112,000 residential customers, and 2,600 business customers across 10,000 sites. Completion of the transaction is expected on 16 September with customers moving to British Gas over the next few months.

Footfall falls

Town and city centre shops continue to suffer from a slump in footfall as many workers stay at home.

The latest BRC ShopperTrak footfall monitor shows that footfall across the UK was down by 34.3% in August compared to the same month last year.

This was a 7.3% point improvement compared to July.

Today’s top Daily Business headlines

Star snaps up Covid victim Maitland Selwyn

Portugal added to Scotland’s quarantine list

Radar deal secures 300 jobs at Leonardo in Edinburgh

Data science firm Bellrock secures GCHQ mentoring

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