Kazakhmys leads mining sector higher

| August 24, 2009 | 0 Comments
Kazakhmys leads mining sector higher

European equities markets were higher Monday as banks and miners were up with investors looking for riskier investments as confidence seemed to be staging a recovery.

The FTSE 100 added 0.93 percent in London, while the FTSE 250 was up 1.76 percent to 8,831.89.

Gains in metals prices sent the mining sector higher, with Kazakhmys (LSE: KAZ) up 5.77 percent on the session, while Eurasian Natural Resources (LSE: ENRC) gained 5.28 percent.

The FTSE Eurofirst 300 was 0.86 percent higher to 975.19 while the CAC-40 was up 1.01 percent to 3,652.17, the Dax added 1.04 percent to 5,519.75 and the IBEX gained 1.28 percent to 11,303.8.

Markets in the Asia-Pacific region were higher after Hong Kong-listed China Construction Bank Corp (SEHK: 0939) said its first-half profits were up more than expected on gains in fee incomes and cuts in operating costs.

In Tokyo, the Nikkei 225 was up 3.55 percent to 10,581.05 while the Topix index added 2.42 percent to 970.27 and the Mothers market gained 0.88 percent to 453.13.

The Shanghai Composite was up 1.1 percent to 2,993.43 while the Hang Seng added 1.67 percent to 20,535.94, the Kospi was 1.98 percent higher to 1,612.22, the Sensex gained 2.55 percent to 15,628.75, the Straits Times Index was up 2.65 percent to 2,612.33 and the Taiex was 2.76 percent higher to 6,838.25.

In Australia, the Sydney Ordinaries gained 2.98 percent to 4,434.2 and the S&P/ASX200 was up 3.16 percent to 4,426.1 as shares related to commodities saw gains.

Wall Street was mixed in early afternoon trade as the Dow Jones Industrial Average was 0.13 percent higher to 9.518.2 at nearly 1:30 p.m. in New York, while at the same time the S&P 500 was up 0.06 percent to 1,026.78 but the Nasdaq Composite had dropped 0.09 percent to 2,019, with all falling from gains earlier in the session.

Crude oil and grains prices were higher, with soybeans gaining more than half a dollar in afternoon trade in Chicago, but metals prices were mixed.

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