Miners Fresnillo, Xstrata gain most on 100

European equities markets saw gains Tuesday as worries about the effect of Dubai’s debt problems continued to recede.

The FTSE 100 added 2.34 percent to 5,312.17 in London, while the FTSE 250 gained 2.43 percent to 9.135.11 as miners gained on higher metals prices.

Gold and silver miner Fresnillo (LSE: FRES) led gainers on the 100 as it added 7.47 percent and turned in the best performance among miners, followed by a gain of 6.27 percent for Xstrata (LSE: XTA).

Most banks were higher, led by Standard Chartered (LSE: STAN) with a gain of 5.19 percent, but Lloyds Banking Group (LSE: LLOY) was down 1.83 percent for the worst performance on the 100 after broker KBW cut the bank’s target share price.

The 250 produced both the biggest winner and biggest loser in London, with house builder Persimmon (LSE: PSN) adding 11.07 percent after mortgage lender Nationwide said that UK house prices were up 0.5 percent in November, but residential property group Grainger (LSE: GRI) dropped 7.8 percent.

The FTSE Eurofirst 300 was up 2.51 percent to 1,010.02 while the IBEX added 1.87 percent to 11,862.1, the CAC-40 was 2.6 percent lower to 3,775.74 and the Dax gained 2.68 percent to 5,776.61.

There was only one decliner on the CAC-40 and only two stocks fell on the Dax.

Markets in the Asia-Pacific region were higher on the session.

The Nikkei 225 added 2.43 percent to 9,572.2 in Tokyo, while the Topix index was up 2.12 percent to 857.76 and the Mothers market gained 2.49 percent to 396.83.

Tokyo’s gains came after the Bank of Japan called a previously unscheduled policy meeting that investors hoped meant the central bank would announce measures to help the economy.

After the close, however, the bank announced measures that were not considered aggressive enough, sending Nikkei futures in after-hours trade in Singapore lower.

Exporters and banks were up in Tokyo, but shippers were lower on a decline by the Baltic Exchange’s sea freight index, with Mitsui OSK (TYO: 9104) down 0.2 percent and Nippon Yusen (TYO: 9101) dropped 3 percent.

In Australia, the Sydney Ordinaries added 0.37 percent to 4,733.1 and the S&P/ASX200 was up 0.38 percent to 4,719.

Taiwan’s Taiex was 0.88 percent higher to 7,649.23 while the Kospi gained 0.91 percent to 1,569.72 in South Korea, the Shanghai Composite added 1.25 percent to 3,235.36, the Hang Seng was up 1.34 percent to 22,113.15 in Hong Kong, the Straits Times Index added 1.42 percent to 2,770.95 and India’s Sensex gained 1.61 percent to 17,198.27.

Wall Street saw gains on the decline of worries about Dubai’s debt and after the National Association of Realtors said that pending sales of existing homes in the United States were up more than anticipated in October to their best in three and a half years.

At just before 1 p.m. in New York the Dow Jones Industrial Average was 1.19 percent higher to 10,467.87 while at the same time the Nasdaq Composite was up 1.5 percent to 2,176.69 and the S&P 500 had added 1.2 percent to 1,108.77.

Prices for crude oil and metals were higher in afternoon trade in New York.

Discuss this in the Finance Markets forums

Story link: Miners Fresnillo, Xstrata gain most on 100