Miner Lonmin leads 100 on broker upgrade
Equities markets saw gains in Europe Wednesday as miners saw gains on higher metals prices.
The FTSE 100 added 0.29 percent to 5,327.39 in London, while the FTSE 250 gained 0.37 percent to 9,169.04.
Miner Lonmin (LSE: LMI) led gainers on the 100 as it added 3.24 percent after Investec raised its recommendation on the copper miner from “hold” to “buy”, while Gem Diamonds (LSE: GEMD) led the mostly higher sector by gaining 3.89 percent.
Over on the 250, car rental agency Avis Europe (LSE: AVE) turned in the best performance in London with a gain of 5.5 percent, while residential property group Grainger (LSE: GRI) dropped 5.71 percent to lead London’s decliners.
Cairn Energy (LSE: CNE) was the worst performer on the 100 as the oil explorer was 2.61 percent lower.
Most banks were down on the session, with the biggest drop coming from Royal Bank of Scotland (LSE: RBS), which was down 2.09 percent.
The FTSE Eurofirst 300 was up 0.41 percent to 1,015.23 while the IBEX added 0.06 percent to 11,868.8, the Dax was 0.09 percent higher to 5,781.68 and the CAC-40 gained 0.53 percent to 3,795.92.
Most markets in the Asia-Pacific region were higher on the session, but India’s Sensex was 0.16 percent lower to 17,169.91.
The Nikkei 225 added 0.38 percent to 9,608.94 in Tokyo, while the Topix index was up 0.11 percent to 858.74 and the Mothers market gained 0.42 percent to 398.49.
Steelmakers saw gains on a revival in demand, with JFE Holdings (TYO: 5411) adding 2.4 percent while Nippon Steel (TYO: 5401) was up 2.7 percent.
Banks were lower after the Bank of Japan announced a new program to help the economy and on continuing concerns over possible share sales by banks.
Sumitomo Trust and Banking (TYO: 8403) was down 1.9 percent while Mitsubishi UFJ (TYO: 8306) fell 2.2 percent and Sumitomo Mitsui Financial Group (TYO: 8316) dropped 2.3 percent.
Shipper Nippon Yusen (TYO: 9101) was 2.7 percent lower after it filed papers with Japan’s Finance Ministry indicating that it will sell new shares worth as much as ¥111 billion.
The Taiex was 0.37 percent higher to 7,677.62 in Taiwan while the Hang Seng added 0.8 percent to 22,289.57 and the Straits Times Index was up 0.92 percent to 2,796.34.
Both the Sydney Ordinaries and the S&P/ASX200 also each added 0.92 percent in Australia, to 4,776.7 and 4,762.4 respectively, while the Shanghai Composite was up 1.06 percent to 3,269.75 and South Korea’s Kospi gained 1.4 percent to 1,591.63.
Results were mixed in midday trade in New York, where the Dow Jones Industrial Average was 0.43 percent lower to 10,427.06 at just before 12:30 p.m. local time, while the S&P 500 had dropped 0.26 percent to 1,106.03 but the Nasdaq Composite was up 0.21 percent to 2,180.39.
Precious metals prices were mixed in midday trade in New York with gold up after hitting another new record but silver prices seeing declines, while crude oil prices were lower.