Fresnillo leads miners, tops gains on FTSE 100

| December 3, 2010 | 0 Comments
Fresnillo leads miners, tops gains on FTSE 100

European equities markets were mixed Friday after the US unemployment rate grew unexpectedly to 9.8 percent, its highest in over six months, according to a Labor Department report that also said the US economy added just 39,000 jobs last month, putting into question recent optimism regarding economic recovery.

The FTSE 100 down 0.39 percent to 5,745.32 in London, but the FTSE 250 managed a gain of 0.05 percent to 11,082.2.

Miners were mostly higher on the session, led by gold and silver miner Fresnillo (LSE: FRES), which added 3.98 percent to lead gains on the 100, while Anglo American (LSE: AAL) and Antofagasta (LSE: ANTO) were also among the top five gainers on that index, advancing by 1.7 percent and 1.63 percent respectively.

There were only six decliners among miners, led by Kenmare Resources (LSE: KMR), which dropped 1.92 percent.

The real estate sector was higher, led by Grainger (LSE: GRI) with a gain of 5.33 percetn, while homebuilders were also up, with Barratt Developments (LSE: BDEV) adding 6.12 percent while Redrow (LSE: RDW) was up 5.31 percent, Berkeley Group Holdings (LSE: BKG) was 4.52 percent higher and Taylor Wimpey (LSE: TW) gained 4.06 percent.

Berkeley Group was higher after demand for homes grew in southeast England, as it reported it sold 1,249 homes in its fiscal first half, compared to sales of 914 homes in the same period last year.

Banks were lower on the session, led by Barclays Bank (LSE: BARC), which was down 2.53 percent.

The travel and leisure sector nearly twice as many declines as gains, with hotels operator Millennium & Copthorne Hotels (LSE: MLC) turning the worst performance in the sector as it dropped 3.74 percent, followed by a drop of 3.48 percent for airline easyJet (LSE: EZJ), while pubs operator Enterprise Inns (LSE: ETI) was down 3.1 percent.

Retailers were mixed, taking both the top of the gainers list and the top of the decliners list on the 250 as online grocery retailer Ocado Group (LSE: OCDO) gained 10.82 percent but JD Sports Fashion dropped 3.83 percent.

The biggest decline on the 100 came from investment managers Man Group (LSE: EMG), which was down 3.33 percent.

The FTSE Eurofirst 300 was down 0.06 percent to 1,105.52 while the Dax dropped 0.14 percent to 6,947.72, but the CAC-40 added 0.09 percent to 3,750.55 and the IBEX gained 0.68 percent to 10,014.8.

Markets in the Asia-Pacific region were mixed to end the week.

The Nikkei 225 was up 0.1 percent to 10,178.3 in Tokyo, while the Topix index added 0.23 percent to 879.22 and the Mothers market gained 0.39 percent to 392.29.

Exporters were mixed as camera and copier maker Canon (TYO: 7751 added 1.48 percent but consumer electronics manufacturer Sony (TYO; 6758) dropped 0.66 percent.

Other gainers in the region included South Korea’s Kospi, which was up 0.36 percent to 1,957.26, while in Australia the Sydney Ordinaries and the S&P/ASX200 each added 0.38 percent, to 4,780.1 and 4,694.2 respectively, and the Taiex gained 0.45 percent to 8,624.01 in Taiwan.

The Hang Seng was 0.55 percent lower to 23,320.5 in Hong Kong as Chinese banks declined on the likelihood that that China will further tighten monetary policy.

Industrial & Commercial Bank of China Ltd (SEHK: 1398) was down 1 percent in Hong Kong trade, while Bank of China Ltd (SEHK: 3988) dropped 1.2 percent and China Construction Bank Corp (SEHK: 0939) was 1.5 percent lower.

The Shanghai Composite fell 0.04 percent to 2,842.43 in China, India’s Sensex was down 0.13 percent to 19,966.9 and the Straits Times Index dropped 0.8 percent to 3,172.44.

New York markets were mixed in midday trade, with the Dow Jones Industrial Average down 0.19 percent to 11,341.2 while the S&P 500 was 0.23 percent lower to 1,218.76, but the Nasdaq Composite had added 0.12 percent to 2,582.51.

Prices for crude oil were higher, with West Texas Intermediate trading near $89 per barrel in New York, while at last report from London Brent crude was selling for around $91.50 per barrel.

Metals prices were also up, with gold at $1,407.30 per troy ounce in midday trade, near record territory on a gain of $18 per troy ounce.

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