Eurasian Natural Resources leads 100 on higher metals prices

| February 2, 2010 | 0 Comments
Eurasian Natural Resources leads 100 on higher metals prices

European equities markets were higher Tuesday.

In London, the FTSE 100 was up 0.68 percent to 5,283.31 while the FTSE 250 gained 1.81 percent to 9,480.77.

Miner Eurasian Natural Resources (LSE: ENRC) led gains on the 100 as it added 4.6 percent on the session as all miners were higher, including best-in-sector iron-ore miner Ferrexpo (LSE: FXPO), which gained 7.16 percent on the 250.

The energy sector saw gains as crude oil prices rose, but BP (LSE: BP) fell 3.8 percent in the worst performance of the day in London after its 33 percent gain in replacement cost profit in the fourth quarter did not meet expectations.

The best performer in the energy sector was JKX Oil & Gas (LSE: JKX), which added 6.36 percent on the 250.

Utilities were mostly lower on profit-taking after Monday’s gains, led by Northumbrian Water Group (LSE: NWG), which fell 2.66 percent to lead decliners on the 250 after still not commenting on rumors that it will be purchases by a Canadian teachers’ pension plan.

St. Modwen Properties (LSE: SMP) led the real estate sector higher with a gain of 7.24 percent on the session.

The FTSE Eurofirst 300 was up 0.92 percent to 1,027.38 while the Dax added 0.98 percent to 5,709.66 and the CAC-40 and IBEX each gained 1.33 percent, to 3,812.13 and 11,140.9 respectively.

Markets were mixed in the Asia-Pacific region, with some lower after India followed China’s example Friday and tightened its monetary policy by raising the amount of cash banks there are required to keep on reserve.

Tokyo’s markets, however, were higher as the Nikkei 225 added 1.63 percent to 10,371.09, the Topix index was up 1.58 percent to 912.82 and the Mothers market gained 2 percent to 417.66.

Exporters gained on a weaker yen, while traders were helped by higher prices for oil and metals.

Toyota (TYO: 7203) added 4.5 percent on the announcement of a plan to deal with repairs on recalled cars and even though the recall has hurt sales for the carmaker.

Australian markets were also higher after the Reserve Bank of Australia held interest rates steady at 3.75 percent, an unexpected move after three consecutive rate hikes.

The S&P/ASX200 was up 1.79 percent to 4,605.3 while the Sydney Ordinaries added 1.85 percent to 4,628.8.

Hong Kong’s Hang Seng was also up slightly, gaining 0.14 percent to 20,272.18.

Decliners included the Shanghai Composite, which was down 0.23 percent to 2,934.71 while the Straits Times Index fell 0.56 percent to 2,720.87, the Kospi was 0.66 percent lower to 1,595.81, the Sensex was down 1.18 percen tto 16,163.44 and the Taiex dropped 1.26 percent to 7,429.61.

New York markets were higher in midday trade as the Dow Jones Industrial Average had added 0.84 percent to 10,270.78, the S&P 500 was up 0.95 percent to 1,099.98 and the Nasdaq Composite was 0.56 percent higher to 2,183.34.

The gains came after the National Association of Realtors said that its pending sales index was up 1 percent in December.

Prices for oil and metals were higher at midday in New York.

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