Centamin Egypt leads miners higher in London

| August 9, 2011 | 0 Comments
Centamin Egypt leads miners higher in London

European equities markets were mostly higher Tuesday after seven days of declines as investors hoped that the US Federal Reserve would take action at a meeting scheduled for today to aid the economy and restore confidence in the markets after last week’s downgrade of US credit by Standard & Poor’s and its follow-up in downgrading lenders such as Fannie Mae and Freddie Mac.

London’s markets were higher, with the FTSE 100 adding 1.89 percent to 5,164.92 while the FTSE 250 was up 2.32 percent to 10,090.5 as miners were mostly higher, led by Centamin Egypt (LSE: CEY) with a gain of 12.2 percent, although Fresnillo (LSE: FRES) was the worst performer on the 100 and one of two decliners in the sector as it dropped 7.26 percent.

Chemicals and metals refiner Johnson Matthey (LSE: JMAT) was the best performer on the 100 as it added 8.21 percent, while travel agent Thomas Cook Group (LSE: TCG) added 17.23 percent to lead gains in the travel and leisure sector and on the 250, while retail bakery chain Greggs (LSE: GRG) was the worst performer on the 250, dropping 5.71 percent.

The FTSE Eurofirst 300 was up 1.27 percent to 948. 21 and the CAC-40 added 1.63 percent to 3,176.19, but the Dax was 0.1 percent lower to 5,917. 08 and the IBEX dropped 0.36 percent to 8,428.9.

Most markets in the Asia-Pacific region were lower again, but Australia’s markets were higher on hopes that actions by Taiwan and South Korea to intervene in markets will help stop declines, while there were hopes that the US Federal Reserve will take similar measures to help markets when it meets today.

The Sydney Ordinaries added 0.99 percent to 4,096.7 in Australia, while the S&P/ASX200 was up 1.22 percent to 4,034.8.

In Tokyo, the Nikkei 225 was down 1.68 percent to 8,944.48 and the Topix index was 1.59 percent lower to 770.39, but the Mothers market added 1.12 percent to 418.13 as exporters, oil producers and banks were lower.

The Shanghai Composite was down 0.03 percent to 2,526.07, India’s Sensex fell 0.78 percent to 16,857.9, the Taiex was 0.79 percent lower to 7,493.12 in Taiwan, South Korea’s Kospi dropped 3.64 percent to 1,801.35 and the Hang Seng was down 5.66 percent, losing 1,159.87 points on the session to 19,330.7, while markets in Singapore were closed in observance of National Day, which celebrates Singapore’s independence.

New York equities markets were higher in midday trade as the Dow Jones Industrial Average added 1.97 percent to 11,023.3 while the S&P 500 was up 2.72 percent to 1,149.89 and the Nasdaq Composite was 3.56 percent higher to 2,441.53.

Crude oil was slightly higher, but West Texas Intermediate September contracts remained barely above $82 per barrel in New York and had traded as low as $75.71 per barrel earlier, while Brent crude was still below $105 per barrel on the ICE Futures Europe exchange in London.

Gold was trading $26.70 higher at midday in New York at $1,739.90 per troy ounce but silver was down by nearly $1.50 per troy ounce and while copper was higher, it had added less than half a cent over Monday’s close.

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