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Tuesday 01st of February 2011
September 22, 2009    

Miner POG adds 5.32 percent to lead London shares

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by Elaine Frei
Miner POG adds 5.32 percent to lead London shares

European equities markets were higher Tuesday after Italy and Switzerland both issued improved economic forecasts for next year.

While both governments still said that their economies will likely contract this year, Italy said its gross domestic product should add 0.7 percent next year and Switzerland forecast a gain of 0.4 percent for its GDP in 2010.

The FTSE 100 added 0.16 percent to 5,142.6 in London, while the FTSE 250 gained 0.3 percent to 9,248.67.

Most miners were up on higher metals prices, led by gold miner Peter Hambro Mining (LSE: POG), which added 5.32 percent to lead the 250 and all shares in London.

Carnival Cruise Lines (LSE: CCL) led the 100 and a mixed travel and leisure sector, gaining 5 percent after it issued an increased earnings outlook for the full year and gained an upgrade from Bank of America.

Homebuilder Bovis Homes Group (LSE: BVS) turned in the worst performance on the London markets with a decline of 4.02 percent.

Elsewhere in the region, the FTSE Eurofirst 300 was up 0.61 percent while the CAC-40 added 0.3 percent to 3,823.52, the Dax was 0.72 percent higher to 5,709.38 and the IBEX gained 0.76 percent to 11,816.7.

Asian markets were mixed despite broker upgrades in the electronics and chemicals sectors.

The Sensex added 0.87 percent to 16,886.43 while the Hang Seng was up 1.06 percent to 21,701.14, the Kospi was 1.38 percent higher to 1,718.88 and the Straits Times Index gained 1.42 percent to 2,685.63.

In Australia, however, the Sydney Ordinaries fell 0.28 percent to 4,671.1 and the S&P/ASX200 was down 0.29 percent to 4,663.7, while the Taiex was 0.45 percent lower to 7,469.03 and the Shanghai Composite dropped 2.34 percent to 2,897.55.

Tokyo’s markets remained closed in observance of public holidays.

Wall Street was higher at midday in New York as the Dow Jones Industrial Average added 0.55 percent to 9,832.67, the Nasdaq Composite was 0.51 percent higher to 2,148.95 and the S&P 500 was up 0.75 percent to 1,072.65.

The gains in New York came as oil and metals prices gained on a weaker US dollar.

The energy sector was higher on upgrades, while banks were also higher.

Crude oil and metals prices were up in New York, while grains prices were mixed in late morning trade in Chicago as front-month contracts for corn and soybeans were up but wheat prices had fallen slightly.

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