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November 1, 2010    

Kenmare Resources leads most London miners higher

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by Elaine Frei
Kenmare Resources leads most London miners higher

Equities markets in Europe were mostly higher Monday on manufacturing data from the United States and China showed that factory output in both nations expanded in October, including the latest report from the Institute for Supply Management’s factory index which showed a reading of 56.9 in October, up from 54.4 in September.

The FTSE 100 added 0.34 percent to 5,694.62 in London, while the FTSE 250 was up 0.29 percent to 10,875.3.

Most in the basic resources sector, which is mostly made up of miners, were higher led by Kenmare Resources (LSE: KMR) with a gain of 4.9 percent while Xstrata (LSE: XTA) led advances on the 100 as it added 3.72 percent, although paper manufacturer Mondi (LSE: MNDI) was the worst performer in the sector, falling 1.35 percent, followed by miner Anglo American (LSE: AAL) which was 1.29 percent lower.

The energy sector was also mixed, with constituents of the sector at the top of both the list of gainers and losers on the 250 as oil rig builder and rebuild Lamprell (LSE: LAM) added 6.88 percent but oil and gas explorer Melrose Resources (LSE: MRS) dropped 16.87 percent.

Outsourcer Serco Group (LSE: SRP) was down 4.4 percent to lead declines on the 100 after it failed to recover money from suppliers.

Smiths Group (LSE: SMIN), which makes sensors which can detect explosives, biohazards and other dangerous items after the news that an explosive device found on a plane at a UK airport could have exploded.

Banks were mixed, with Royal Bank of Scotland Group (LSE: RBS) doing best as it added 2.17 percent, while Standard Chartered (LSE: STAN) dropped 7.2 percent for the worst performance in the sector.

Retailers were also mixed, with more lower than higher as flooring specialist Carpetright (LSE: CPR) added 2.55 percent for the best performance in the sector and funeral services provider Dignity (LSE: DTY) did the worst in the sector, dropping 2.21 percent, while other decliners in the sector included clothing retailer Next (LSE: NXT), which dropped 2.01 percent, and Marks & Spencer (LSE: MKS) was 1.73 percent lower.

The FTSE Eurofirst 300 was up 0.09 percent to 1,087.64 while the Dax added 0.05 percent to 6,604.86 and the CAC-40 gained 0.2 percent to 3,841.11 but the IBEX dropped 1.51 percent to 10,649.5.

Most markets in the Asia-Pacific region were higher after the China Federation of Logistics and Planning said its purchasing mangers’ index was at 54.7 in October, up from 53.8 in September, but Japan’s main indexes were down on quarterly corporate reports that disappointed and after the yen strengthened again.

The Nikkei 225 was down 0.52 percent to 9,154.72 in Tokyo, while the Topix index dropped 0.94 percent to 803.3, although the Mothers market managed a gain of 0.39 percent to 349.45.

Among carmakers, Honda (TYO: 7267) fell 5 percent on a lower profits estimate for the second half of the year.

Electronics manufacturers were also lower as Panasonic Corp (TYO: 6752) fell 3.4 percent and Sharp Corp (TYO: 6753) was 5.4 percent lower after Deutsche Bank cut Sharp’s target share price and repeated its “sell” recommendation on its shares.

There were also declines from financial firms as Nomura Holdings (TYO: 8604) dropped 5 percent after it reported that profits were down 96 percent in the quarter ended in September, while Resona Holdings (TYO: 8308) was down 6.1 percent and consumer lender Acom (TYO: 8572) was 11 percent lower after it reported a net loss in the first half and said it won’t pay a dividend this year.

The Sydney Ordinaries and the S&P/ASX200 each added 0.79 percent, to 4,770.9 and 4,698.5 respectively, in Australia, while Taiwan’s Taiex was up 1.12 percent to 8,379.75, the Straits Times Index was 1.58 percent higher to 3,192.18 in Singapore, and India’s Sensex gained 1.61 percent to 20,355.6.

South Korea’s Kospi was up 1.69 percent to 1,914.74 while the Hang Seng added 2.41 percent to 23,652.9 in Hong Kong and the Shanghai Composite gained 2.52 percent to 3,054.02 in China.

New York markets were higher in midday trade with the Dow Jones Industrial Average up 0.49 percent to 11,173.3 while the S&P 500 had added 0.45 percent to 1,188.56 and the Nasdaq Composite was 0.22 percent higher to 2,512.86.

Crude oil prices were higher as West Texas Intermediate crude traded over $2 higher than Friday’s close at last report, while in metals trade gold was lower but silver and copper had both advanced.

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