Lonmin leads miners higher

| May 20, 2009 | 0 Comments
Lonmin leads miners higher

Most equities markets in Europe were higher Wednesday after miners saw advances on higher prices for metals.

In London the FTSE 250 added 0.46 percent to 7,734.01 but the FTSE 100 dropped 0.31 percent to 4,468.41on declines for banks.

Miners claimed the top five spots on the gainers list on the 100, led by Lonmin (LSE: LMI) with a gain of 8.11 percent and followed by Vedanta Resources (LSE: VED), which added 7.02 percent as Fresnillo (LSE: FRES) was up 5.77 percent, Kazakhmys (LSE: KAZ) was 4.71 percent higher and Rio Tinto (LSE: RIO) gained 4.34 percent.

The FTSE Eurofirst 300 was 0.31 percent higher to 874.79 while the IBEX added 0.51 percent to 9,389.4, the CAC-40 was up 0.87 percent to 3,303.37 and the Dax gained 1.6 percent to 5,038.94.

Markets in the Asia-Pacific region were mixed.

In Tokyo, the Nikkei 225 was up 0.59 percent to 9,344.64 and the Topix index added 0.74 percent to 886.3 but the Mothers market was 0.2 percent lower to 350.73.

Other gainers in the region included Australia’s markets, where the S&P/ASX200 was up 0.19 percent to 3,824.6 and the Sydney Ordinaries gained 0.22 percent to 3,808.9.

The Straits Times Index added 0.39 percent to 2,269.24, South Korea’s Kospi was up 0.52 percent to 1,439.7 and the Taiex gained 0.72 percent to 6,703.62 in Taiwan.

On the other hand, the Hang Seng was 0.39 percent lower to 17,475.84 while the Shanghai Composite fell 0.94 percent to 2,651.41 and the Sensex dropped 1.69 percent to 14,060.66.

In midday trade in New York, the Dow Jones Industrial Average was 0.27 percent higher to 8,497.47 while the Nasdaq Composite added 0.81 percent to 1,748.56 and the S&P 500 had gained 0.57 percent to 913.31.

Prices for crude oil and metals saw gains, while grains prices were also higher on the Chicago Board of Trade.

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