Kenmare Resources leads mostly higher London mining sector

| August 22, 2011 | 0 Comments
Kenmare Resources leads mostly higher London mining sector

Most equities markets in Europe were higher Monday on the possibility that the US Federal Reserve could soon propose new stimulus measures.

The FTSE 100 was up 1.08 percent to 5,095.3 in London, while the FTSE 250 added 0.98 percent to 9,854.78 as miners were mostly higher as gold and silver prices were higher and energy companies were helped by the possibility that Libya’s civil war could soon be over.

Kenmare Resources (LSE: KMR) added 6.32 percent to lead gains on the 250 and in the mining sector, while gold miners Randgold Resources (LSE: RRS) and Fresnillo (LSE: FRES) both placed among the top five gainers on the 100 as Randgold was up 3.93 percent and Fresnillo gained 3.5 percent and another gold miner, Petropavlovsk (LSE: POG), was the second-best performer on the 250 as it added 6.2 percent after Citigroup raised its recommendation from “hold” to “buy”.

Caterer Compass Group (LSE: CPG) was 3.97 percent higher as it turned in the best performance on the 100.

Banks were lower, with Royal Bank of Scotland (LSE: RBS) down 5.3 percent as the worst performer on the 100, while Lloyds Banking Group (LSE: LLOY) and Barclays Bank (LSE: BARC), with declines of 2.89 percent and 2.82 percent respectively, were also among the top five decliners on the 100.

Food manufacturer Premier Foods (LSE: PFD) was the worst performer on the 250 and in the food and beverage sector as it dropped 5.32 percent, while Associated British Foods (LSE: ABF) had the best day in the sector as it added 2.06 percent

Software specialist Micro Focus International (LSE: MCRO) was down 3.42 percent after it said it has ended talks with possible bidders.

The FTSE Eurofirst 300 was up 0.74 percent to 916.5 while the CAC-40 added 1.14 percent to 3,051.36 and the IBEX gained 1.87 percent to 8,293.9, but the Dax was 0.11 percent lower to 5,473.78.

Most markets in Asia and the Pacific region were lower again Monday, although the Hang Seng added 0.45 percent to 19,486.9 in volatile trade in Hong Kong, and India’s Sensex was up 1.24 percent to 16,341.7.

Elsewhere declines came after speculation that the US Federal Reserve could soon announce a third round of quantitative easing that could not not overcome investors concerns that the debt crisis in Europe could get worse.

The Nikkei 225 was 1.04 percent lower to 8,628.13 in Tokyo, while the Topix index was down 1.18 percent to 742.84 and the Mothers market dropped 2.66 percent to 428.86 as exporters declined on concerns that economic growth is slowing around the world.

Carmakers were lower as Toyota Motor (TYO: 7203) and Honda Motor (TYO: 7267) each were down 2.5 percent, Nissan Motors (TYO: 7201) was 4.1 percent lower, and Hino Motors (TYO: 7205) was down 4.8 percent after Deutsche Bank reduced its recommendation on the truck and bus manufacturer from “buy” to “hold”, while industrial robot maker Fanuc (TYO: 6954), which gets three-quarters of its business from outside Japan, dropped 4.1 percent.

Oil producer Inpex Corp (TYO: 1605) was down 3.9 percent after crude oil prices fell again.

Other decliners in the region included Singapore’s Straits Times Index, which was 0.07 percent lower to 2,731.81, while the Taiex fell 0.41 percent to 7,312.59 in Taiwan, Australia’s markets were down as the S&P/ASX200 was 0.48 percent lower to 4,082.3 and the Sydney Ordinaries dropped 0.51 percent to 4,150.8, the Shanghai Composite was down 0.73 percent to 2,515.86 and South Korea’s Kospi was 1.96 percent lower to 1,710.7.

New York equities markets were higher in midday trade as the Dow Jones Industrial Average was up 0.4 percent to 10,861.3 while the S&P 500 had added 0.18 percent to 1,125.58 and the Nasdaq Composite was 0.24 percent higher to 2,347.47.

Crude oil prices were mixed at midday in New York, with West Texas Intermediate crude up 66 cents to $82.92 per barrel while Brent crude was last reported down $1.39 to $107.23 per barrel on the ICE Futures Europe exchange in London as it seemed that rebel forces were close to winning their war against leader Muammar Qadaffi in Libya.

Precious metals prices were higher as gold added another $35 in New York to $1,887.20 per troy ounce in midday trade after setting an intraday high at $1,898.60 per troy ounce earlier in the session, while silver was up $1.16 to $43.63 per troy ounce, but copper had dropped 4 cents to $3.96 per pound in New York while the metal used in construction and manufacturing had dropped $59 to $8,766 per tonne in late afternoon trade on the London Metal Exchange.

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