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Wednesday 10th of June 2009
June 1, 2009

Talvivaara, Xstrata lead miners higher


by Elaine Frei
Talvivaara, Xstrata lead miners higher

European equities markets were higher Monday, with most banks and the commodities sector higher on hopes that the economy is headed for recovery while carmakers gained on investor relief that General Motors (NYSE: GM) finally filed for bankruptcy after months of rumor and speculation.

In London, the FTSE 100 added 2 percent to 4,506.58 while the FTSE 250 was up 2.46 percent to 7.758.58.

Miner Xstrata (LSE: XTA) led winners on the 100 with a gain of 10.53 percent and 250-listed Talvivaara Mining Company (LSE: TALV) was the biggest gainer in the sector as it added 13.12 percent.

The FTSE Eurofirst 300 added 2.8 percent to 886.27 while the IBEX was up 2.19 percent to 9,630.9, the CAC-40 gained 3.11 percent to 3,379.49 and the Dax was 4.08 percent higher to 5142.56.

Markets were up in the Asia-Pacific region as well.

In Tokyo, the Nikkei 225 and the Topix index each added 1.63 percent, to 9,677.75 and 912.52 respectively, while the Mothers market gained 0.67 percent to 396.7.

The Taiex was up 0.92 percent to 6,954.1 while the Kospi added 1.38 percent to 1,415.1 and the Sensex was 1.47 percent higher to 14,840.63.

In Australia, the Sydney Ordinaries gained 1.96 percent to 3,887.9 while the S&P/ASX200 added 2 percent to 3,894.4.

The Straits Times Index was up 2.19 percent to 2,380.07, the Shanghai Composite added 3.36 percent to 2,721.28 and the Hang Seng gained 3.95 percent to 18,888.59.

In early afternoon trade the Dow Jones Industrial Average was 2.54 percent higher to 8,716.18 while the Nasdaq Composite had added 2.87 percent to 1,825.21 and the S&P 500 was up 2.63 percent to 943.28.

Oil, metals and grains prices were all higher on the session, while the US dollar and the Japanese yen weakened and the pound was stronger.

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