Randgold leads miners, London markets higher

European equities markets were higher to start the week Monday.

The FTSE 100 added 1.19 percent to 5,104.5 in London, while the FTSE 250 was up 0.36 percent to 8,917.89.

The mining sector provided all five of the top gainers on the 100 and seven of the top ten gainers in London on the session, with gold miner Randgold Resources (LSE: RRS) adding 5.96 percent for the best performance in London after a weaker US dollar sent gold prices up.

Higher copper prices also helped the sector after the US-based Institute for Supply Management’s factor index rose to 55.7, its highest in three and a half years, indicating that manufacturing activity in the US is expanding.

All components of the mining sector saw gains with the exception of Gem Diamonds (LSE: GEMD), which fell 0.09 percent, and Hochschild Mining (LSE: HOC), which dropped 1.78 percent on the session.

The real estate sector had a much worse day in London, with F&C Commercial Property Trust (LSE: FCPT) falling the most in the sector and on the 250 as it declined 5.11 percent, but some homebuilders saw gains and Taylor Wimpey (LSE: TW) turned in one of the best performances on the 250 with a gain of 4.38 percent.

Royal Bank of Scotland (LSE: RBS) had the worst day in the London Markets as it dropped 7.8 percent after it said that its agreement with the European Commission means that it could have to sell more assets than it had originally expected.

The FTSE Eurofirst 300 was up 0.33 percent to 979.7 while the Dax added 0.29 percent to 5,430.82, the IBEX was 0.45 percent higher to 11,465.8 and the CAC-40 gained 0.88 percent to 3,639.46.

Most markets in the Asia-Pacific region were down on the session, but the Shanghai Composite added 2.7 percent to 3,076.65 on the news that Chinese manufacturing activity expanded more rapidly than it has in a year and a half, and on a report that the government there has approved the construction of a Disney theme park in Shanghai.

The Nikkei 225 was down 2.31 percent to 9,902.95 in Tokyo while the Topix index fell 1.58 percent to 880.54 and the Mothers market dropped 0.62 percent to 435.34 ahead of a holiday Tuesday as exporters declined on a strengthening yen.

Consumer lenders in Tokyo, however, saw gains on the news that the Japanese government will study the possibility of making it less difficult for self-employed business owners to borrow money.

Consumer credit group Credit Saison (TYO: 8253) was up 16.5 percent while consumer lenders Aiful (TYO: 8515) and Takefuji (TYO: 8564) added 17.3 percent and 23.1 percent respectively.

The Taiex was down 0.07 percent to 7,335.18 in Taiwan while the Straits Times Index fell 0.22 percent to 2,645.43, the Hang Seng was 0.61 percent lower to 21,620.19 and the Kospi dropped 1.37 percent to 1,559.09 in South Korea.

In Australia, the Sydney Ordinaries fell 2.16 percent to 4,546.3 while the S&P/ASX200 was down 2.21 percent to 4,540.4.

Markets in India were closed for a holiday.

Wall Street was up in midday trade as the Dow Jones Industrial Average was up 0.71 percent to 9,781.43 at just past 12:30 p.m. in New York, while at the same time the Nasdaq Composite had added 0.26 percent to 2,050.46 and the S&P 500 was 0.47 percent higher to 1,041.11.

The New York markets were helped by Ford Motor’s (NYSE: F) quarterly report, which was better than expected as it increased its market share and cut costs.

Wall Street was also aided by new data from the Institute for Supply Management that showed expanded manufacturing activity in the United States, and on a report from the National Association of Realtors which showed its pending home sales index up 6.1 percent in September to 110.1, its highest level in nearly three years and well above the 103.8 level expected by analysts.

Crude oil prices were up in New York in midday trade on a weaker dollar that made oil less expensive for buyers using other currencies.

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