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Thursday 15th of October 2009
October 14, 2009    

Kazakhmys leads miners, 100 higher

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by Elaine Frei
Kazakhmys leads miners, 100 higher

European equities markets saw gains Wednesday on gains in the metals and banking sectors.

The FTSE 100 added 1.98 percent to 5,256.1 in London, while the FTSE 250 was up 1.62 percent to 9,541.33.

Copper miner Kazakhmys (LSE: KAZ) led the 100 and the mining sector higher as it added 9.42 percent, with Vedanta Resources (LSE: VED) up 7.71 percent and Xstrata (LSE: XTA) gaining 7.68 percent to join Kazakhmys among the top 5 gainers on the index.

Electricity generator International Power (LSE: IPR) led the utilities sector lower and turned in the worst performance on the 100 as it fell 2.85 percent, while alcoholic beverages maker Diageo (LSE: DGE) dropped 2.05 percent as fiscal first quarter sales came in below forecasts.

Pubs operators were also lower as Punch Taverns (LSE: PUB) dropped 16.61 percent to turn in the worst performance on the 250 while Enterprise Inns (LSE: ETI) dropped 5.48 percent.

Packaging group DS Smith (LSE: SMDS) had the best day on the 250, adding 9.43 percent.

The FTSE Eurofirst 300 was 1.99 percent higher to 1,015.26 while the CAC-40 added 2.14 percent to 3,882.67, the IBEX was up 2.26 percent to 11,870.9 and the Dax gained 2.45 percent to 5,854.14.

Most markets in the Asia-Pacific region saw gains on the session after new data showed that while exports from China were down in September from last year, they saw their slowest rate of decline in 9 months.

China’s exports fell 15.2 percent in September from the same month last year, after falling 23.4 percent in August from August 2008.

Also helping gains was a report that said Australian consumer sentiment was up 1.7 percent in October.

Gains in Asia’s semiconductors sector also helped, coming after US chipmaker Intel (NAS: INTC; SEHK: 4335) said that its fourth quarter sales will likely top analyst estimates.

In Australia, the Sydney Ordinaries added 0.92 percent to 4,834 while the S&P/ASX200 was up 0.95 percent to 4,831.1.

The Shanghai Composite was 1.17 higher percent to 2,970.53 while India’s Sensex added 1.2 percent to 17,231.11, the Kospi was up 1.24 percent to 1,649.09 in South Korea and Taiwan’s Taiex gained 1.31 percent to 7,695.75.

The Straits Times Index was up 1.5 percent to 2,708.48 while the Hang Seng added 1.95 percent to 21,886.48.

On the other hand, Tokyo’s markets were lower on the ninth monthly drop in a row for Japan’s producer prices, as well as on declines for banks while exporters were hurt by a strengthening yen.

The Nikkei 225 was 0.16 percent lower to 10,060.21 while the Topix index fell 0.78 percent to 894.34 and the Mothers market dropped 0.57 percent to 441.02.

Wall Street was up on strong quarterly reports from JPMorgan Chase (NYSE: JPM) and from chipmaker Intel (NAS: INTC; SEHK: 4335), with the Dow Jones Industrial Average adding 1.15 percent to 9,984.42 at just past noon in New York, while the Nasdaq Composite was up 1.17 percent to 2,165 and the S&P 500 had gained 1.27 percent to 1,086.77.

Also in midday trade in New York, crude oil prices were higher but metals were mixed as gold prices fell on profit-taking.

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