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Monday 05th of October 2009
June 10, 2009    

Vedanta Resources leads miners, FTSE 100

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by Elaine Frei
Vedanta Resources leads miners, FTSE 100

European equities markets were higher Wednesday as most miners saw gains on speculation that prices for some metals could go higher in the next few years.

In London, the FTSE 100 was up 0.73 percent to 4,436.75 and the FTSE 250 added 0.5 percent to 7,729.98.

The five top gainers on the 100 were all from the mining sector, led by Vedanta Resources (LSE: VED) with a gain of 8.52 percent while ENRC was up 8.07 percent, Xstrata (LSE: XTA) was 6.93 percent higher, Rio Tinto (LSE: RIO) added 6.64 percent, Kazakhmys (LSE: KAZ) was up 6.4 percent.

Antofagasta gained 4.62 percent on the session.

The FTSE Eurofirst 300 was 1.1 percent higher to 879.13 while the CAC-40 added 0.56 percent to 3,315.27, the Dax was up 1.07 percent to 5,051.18 and the IBEX gained 1.37 percent to 9,627.6.

Markets in the Asia-Pacific region saw gains, with Tokyo’s Nikkei 225 managing to nearly make it back to the 10,000 level at the close for its highest finish in 8 months.

The Nikkei added 2.09 percent to 9,991.49 while the Topix index was up 2.04 percent to 937.01 and the Mothers market gained 1.54 percent to 402.67.

Elsewhere in the region Taiwan’s Taiex was up 0.75 percent to 6,462.27 while the Shanghai Composite added 1.02 percent to 2,816.25, the Straits Times Index was 1.76 percent higher to 2,391.22 and the Sensex gained 2.25 percent to 15,466.81.

In Australia the Sydney Ordinaries added 2.1 percent and the S&P/ASX200 was up 2.27 percent to 4,016.3 and 4,024.4 respectively, while South Korea’s Kospi was 3.14 percent higher to 1,414.88 and the Hang Seng gained 4.03 percent to 18,785.66 in Hong Kong.

New York markets were lower in early afternoon trade as the Dow Jones Industrial Average was 0.87 percent lower to 8,686.8 at just before 1:30 p.m., while at the same time the Nasdaq Composite had fallen 1.24 percent to 1,837.04 and the S&P 500 was down 1.04 percent to 932.63.

Crude oil prices were higher after the US Energy Information Administration said that stockpiles of crude oil, gasoline, and distillates were all lower last week, while grains prices were mixed.

The pound was stronger while the US dollar weakened on less demand as a safe investment.

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