London equities pushed by mining

| May 5, 2005 | 0 Comments
London equities pushed by mining

With the mining sector up but the chemical sector seeing losses, the London equities markets were up in mid-afternoon trading on Thursday.

The FTSE 100 was up 0.5 percent at 4,905, and the FTSE 250 gained 0.6 percent to stand at 6,787.2.

The UK elections didn’t seem to have much effect on trade.

Losses in the chemicals sector seemed to be tied to worries that the costs of raw materials would rise. ICI was down 6.5 percent to 246p after a report of slowing sales growth in the first quarter. The company warned that if raw materials prices continue to rise, price increases for their products will be inevitable.

The threat of rising raw materials prices also led to losses for other companies in the sector. BOC was down 0.6 percent to 978p and Delta fell 0.4 percent to 119.5p.

In the mining sector, gold mining company Randgold Resources was up 7.8 percent to 700p on a good first quarter report. Their good news helped others in the sector. BHP Billiton was up 1.9 percent to 662p, Rio Tonto was up 1.8 percent to £16.34, Xstrata rose 2.3 percent to 937p, and Anglo American was up 0.7 percent to £11.92.

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