Miners up in London
Miners took the London equities markets higher on Monday as the FTSE 100 added 0.2 percent to 5,890.2 and the FTSE 250 gained 0.1 percent to 9,799.5. Retailers also saw gains.
The mining sector, which has been on the decline recently, was up at least partly on talk that a Brazi’s CVRD had said it was interested in linking up with Xstrata to break up Anglo-American. Xstrata added 2 percent to £22.05. Anglo-American and Vedanta Resources each were 3 percent higher, to £21.75 and £12.58 respectively. Kazakhmys gained 4.9 percent to £12.66.
PartyGaming was the biggest winner on the 100, adding 6 percent to 106p on the hope that the US senate will not act on a bill outlawing online gambling before elections in November.
Among retailers, Marks & Spencer was 0.3 percent higher to 626p after Deutsche Bank increased its target share price to 750p in anticipation of a positive interim report, due November 3. William Morrison added 0.5 percent to 232p after Deutsche Bank raised the supermarket chain’s recommendation to “buy”. Kingfisher was also up, by 1.4 percent to 247p, on positive comments from Goldman Sachs.
Defense contractor Chemring debuted on the 250 by adding 5.5 percent to £13.93, at least partly on talk that BAE Systems is interested in making a bid. BAE, however, dropped 1 percent on the session to 380¾p.