Kazakhmys leads miners higher in London

| June 21, 2011 | 0 Comments
Kazakhmys leads miners higher in London

Equities markets in Europe saw gains Tuesday on hopes that Greece’s Prime Minister, George Papandreou, will prevail in a confidence vote scheduled for later in the evening.

The FTSE 100 was up 1.44 percent to 5,775.31 in London, while the FTSE 250 was 1.01 percent higher to 11,654.9, with banks, home builders and the chemicals sector all higher on the session.

The mining and energy sectors each had only one decliner, with miners helped out by higher prices for base metals and providing three of the five biggest gainers on the 100 as Kazakhyms (LSE: KAZ) added 5.31 percent for the best performance in the sector, while Petrofac Plc (LSE: PFC) did the best in the energy sector with a gain of 3.97 percent and BP (LSE: BP) was up 3.11 percent after Switzerland-based oil field services provider Weatherford International Ltd (NYSE: WFT) said it will pay the oil explorer $75 million for its part in any liability claims arising out of last year’s Gulf oil spill.

The two best performers on the 100 were both from the travel and leisure sector, as hotels and restaurants operator Whitbread (LSE: WTB) was the biggest gainer in the sector and on the 100, adding 6.87 percent while cruise line operator Carnival (LSE: CCL) was up 6.02 percent.

Software specialist Misys (LSE: MSY) was the biggest gainer on the 250, adding 8.95 percent on an approach that might result in a takeover.

Telecom Plus (LSE: TEP), which provides telephone, broadband, gas and electricity services, was the worst performer on the 250, dropping 8.93 percent, while brewer SABMiller (LSE: SAB) turned in the worst performance on the 100, down 3.62 percent in a mixed food and beverage sector after Australian brewer Fosters Group (ASX: FGL) rejected a bide from SAB as too low.

The media, real estate, retail and telecommunications sectors were all mixed on the session in London.

The FTSE Eurofirst 300 was up 1.42 percent to 1,096.51 while the Dax added 1.89 percent to 7,285.51 and saw just one decliner, the IBEX was 1.93 percent to 10,231.9 and the CAC-40 gained 2.04 percent to 3,877.07 with just two losing stocks.

Markets in the Asia-Pacific region saw gains on fewer concerns over Greece’s debt problems ahead of a confidence vote for Greek Prime Minister George Papandreou, as investors were optimistic that Greece will do the things required of it by European governments to receive bailout payments.

The Nikkei 225 was up 1.13 percent to 9,459.66 in Tokyo, while the Topix index added 1.1 percent to 815.73 and the Mothers market gained 1.42 percent to 449.24 as carmakers rose on a weaker yen, while farm equipment maker Kubota Corp (TYO: 6362) added 2.9 percent after it said profits will be up this year after earlier delaying its outlook after March’s earthquake in Japan and retailer Aeon (TYO: 8267) gained 3.8 percent on a media report that its market value added 30 percent in the quarter ending in May.

Tokyo Electric Power (TYO: 9501), on the other hand, was down 2.9 percent after Moody’s Investors Service cut its credit rating by several notches to junk status.

The Sensex was up 0.31 percent to 17,560.3 in India, Taiwan’s Taiex added 0.78 percent to 8,597.62, the Shanghai Composite was 0.96 percent higher to 2,646.48, Hong Kong’s Hang Seng advanced 1.16 percent to 21,850.6, Australia’s markets saw gains as the Sydney Ordinaries gained 1.17 percent to 4,565.2 and the S&P/ASX200 was up 1.27 percent to 4,508.2, the Straits Times Index added 1.32 percent to 3,053.51 in Singapore and South Korea’s Kospi was 1.41 percent higher to 2,048.17.

New York equities markets were also higher on hopes that Greece’s debt problems will be resolved, with the Dow Jones Industrial Average up 0.84 percent to 12,182.2 in early afternoon trade, while the S&P 500 had added 1.23 percent to 1,294.04 and the Nasdaq Composite was 1.89 percent higher to 2,679.47.

Crude oil prices were lower at just before 1 p.m. in New York, with West Texas Intermediate crude down 40 cents to $92.86 per barrel, while recent reports saw Brent crude down $1.37 to $110.32 per barrel on the ICE Futures Europe exchange in London, but metals prices were higher in New York trade.

Tags: , , , ,

Comments (0)

Trackback URL | Comments RSS Feed

There are no comments yet. Why not be the first to speak your mind.

Leave a Reply

Visited 895 times, 3 so far today