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10th of July 2011
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Anglo Pacific Group leads miners higher in London

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by Elaine Frei
Anglo Pacific Group leads miners higher in London

European equities markets were mostly higher Thursday after the Bank of England held interest rates steady at 0.5 percent but the European Central Bank hiked rates to 1.5 percent.

The FTSE 100 was up 0.86 percent to 6,054.55 in London, while the FTSE 250 was 0.3 percent higher to 12,167.8 as UK manufacturing output was reported up 1.8 percent in May, more of an expansion than had been expected, while a private report said that the US economy’s private sector added 157,000 new jobs last month, more than double the anticipated gain.

The mining sector was higher, led by Anglo Pacific Group (LSE: APF) with a gain of 4.97 percent and Antofagasta (LSE: ANTO) led gains on the 100 as it advanced by 3.76 percent, while the worst of two decliners in the sector was coal miner New World Resources (LSE: NWR), as its A shares dropped 2.05 percent.

The best performer on the 250 was furniture manufacturing and retailer Dunelm Group (LSE: DNLM), which added 11.1 percent, while the worst performer in the mixed retail sector was caterer Booker Group (LSE: BOK), which was down 5.52 percent.

Four of the top five decliners on the 100 were from the real estate sector, led by a 4.75 percent decline for Hammerson (LSE: HMSO) after Cadillac Fairview, a unit of Ontario Teachers’ Pension Plan, sold its 12 percent state in the property developer, while Capital Shopping Centres Group (LSE: CSCG) dropped 2.97 percent, Land Securities Group (LSE: LAND) was down 2.88 percent and British Land Co (LSE: BLND) was 2.1 percent lower.

Decliners on the 250 were led by electronics components distributors as Premier Farnell (LSE: PFL) dropped 20.11 percent after a report on year-on-year sales growth that disappointed, while Electrocomponents (LSE: ECM) was down 7.25 percent.

British Sky Broadcasting Group (LSE: BSY) dropped 1.81 percent for the worst performance in a mixed media sector on speculation that approval of its acquisition by News Corp (NAS: NWS) could be delayed over the phone hacking probe at News of the World, which is also owned by News Corp, even as media reports said that the tabloid will close after Sunday’s edition due to the scandal.

Banks, the energy sector and the utilities sector were all higher, with just one decliner each, while the chemicals sector was all higher, and home builders, the financial services sector and the energy sector were mostly higher, but insurance providers, the telecommunications sector and the travel and leisure sector were mixed.

The FTSE Eurofirst 300 was up 0.51 percent to 1,124.41 while the CAC-40 added 0.47 percent to 3,979.96 and the Dax gained 0.54 percent to 7,471.44 but the IBEX dropped 0.08 percent to 10,196.2.

Markets in Asia and the Pacific region were mostly higher after banks gained after the People’s Bank of China raised interest rates.

Not all markets were higher, though, with Tokyo’s Nikkei 225 down 0.11 percent to 10,071.1, while the Topix index dropped 0.35 percent to 870.48 but the Mothers market managed to add 1.28 percent to 471.21.

Utilities were lower in Tokyo after officials said that nuclear reactors may not be restarted until the completion of stress tests.

With two-thirds of Japans 54 reactors currently out of service, many of them for scheduled maintenance, there are concerns about power shortages and carmakers and others have been asked to cut their power usage.

Chubu Electric Power (TYO: 9502) was down 7 percent, Kyushu Electric Power (TYO: 9508) dropped 7.5 percent and Kansai Electric Power (TYO: 9503) was 8.4 percent lower, while among carmakers, Toyota Motor (TYO: 7203) was down 0.7 percent, Honda Motor (TYO: 7267) fell 0.9 percent and Nissan Motor (TYO: 7201), which has said it will shift work to weekends to save power, dropped 1.6 percent.

The Shanghai Composite and Taiwan’s Taiex were also both lower, with each dropping 0.58 percent, to 2,794.27 and 8,773.42 respectively.

Australia’s markets were higher, with the S&P/ASX200 up 0.01 percent to 4,605.5 while the Sydney Ordinaries added 0.05 percent to 4,666.1, Hong Kong’s Hang Seng was 0.06 percent higher to 22,530.2, the Straits Times Index gained 0.36 percent to 3,125.87 in Singapore, South Korea’s Kospi was up 0.43 percent to 2,180.59 and the Sensex added 1.88 percent to 19,078.3 in India.

New York equities markets were higher at just before 1 p.m. local time, with the Dow Jones Industrial Average up 0.74 percent to 12,718.9 while the S&P 500 had added 0.97 percent to 1,352.24 and the Nasdaq Composite was 1.36 percent higher to 2,872.65.

Crude oil prices were higher on the jobs added to the US economy by the private sector last month and on declines in stockpiles of crude oil, gasoline and distillates, although the drawdown in crude inventories was much less than had been expected.

West Texas Intermediate crude was up $1.63 per barrel just before 1 p.m. in New York, while Brent crude was up by $3.93 per barrel most recently on the ICE Futures Europe exchange in London.

Gold and silver prices were up, while copper added 10 cents to $4.44 per pound on a 3 percent jump in machinery orders in Japan in May.

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News posted: July 7, 2011

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