Randgold Resources only decliner among London miners

| August 11, 2011 | 0 Comments
Randgold Resources only decliner among London miners

European equities markets were higher Thursday as investors felt that economic growth has not slowed down as much as recently estimated.

The FTSE 100 was up 3.11 percent to 5,162.83 in London, while the FTSE 250 added 2.52 percent to 10,139.83 as all but one miner saw gains on higher metals prices, although Randgold Resources dropped 3.13 percent as the only decliner among miners and on the 100, while Anglo Pacific Group (LSE: APF) led gains among miners on record royalty income in the first half, adding 8.91 percent and Aquarius Platinum (LSE: AQP) was up 8.62 percent on full-year underlying earnings that were better than expected.

Barclays Bank (LSE: BARC) was the best performer in the London banking sector and on the 100, adding 8.64 percent, while Lloyds Banking Group (LSE: LLOY) and Royal Bank of Scotland Group (LSE: RBS) each added more than 4 percent, while Phoenix Group Holdings (LSE: PHNX) led gains among insurers and on the 250 as it added 10.87 percent.

TUI Travel (LSE: TT) was the worst performer on the 250 and in the travel and leisure sector as the travel agent dropped 5.66 percent, while the only two other decliners in the sector were both pubs operators, with Spirit Pub Company (LSE: SPRT) down 3.36 percent while Enterprise Inns (ETI) was 2.56 percent lower, while air carrier easyJet (LSE: EZJ) added 6.51 percent for the best performance in the sector.

The energy sector was higher, led by a 7.94 percent gain for Essar Energy (LSE: ESSR), while Tullow Oil (LSE: TLW) was right behind as it added 7.29 percent.

The FTSE Eurofirst 300 was up 2.61 percent to 934.08 while the CAC-40 added 2.89 percent to 3,089.66, the Dax was 3.28 percent higher to 5,797.66 and the IBEX gained 3.56 percent to 8,249.4.

There were no decliners on the Dax, the IBEX, or the CAC-40.

Most markets in the Asia-Pacific region were lower, but South Korea’s Kopsi added 0.62 percent to 1,817.41 and the Shanghai Composite was up 1.27 percent to 2,581.51 on the session.

The Nikkei 225 was down 0.63 percent to 8,981.94 in Tokyo, while the Topix index dropped 0.75 percent to 770.88, but the Mothers market added 1.91 percent to 437.44 and declines on the other two indexes were held in check after some companies issued improved earnings forecasts.

Still, Mazda Motor (TYO: 7261) was down 4.32 percent on the possibility that the carmaker that gets a substantial amount of business from Europe could be hurt by the debt crisis there, and camera and copier maker Canon (TYO 7751) dropped 1.45 percent, but fellow camera manufacturer Canon (TYO: 7731) added 8.23 percent after it raised its full-year profits outlook by 43 percent.

Australia’s markets were barely lower, with the S&P/ASX200 down 0.01 percent to 4,140.8 while the Sydney Ordinaries dropped 0.09 percent to 4,203.5, Taiwan’s Taiex fell 0.22 percent to 7,719.09, the Sensex was 0.42 percent lower to 17,059.4 in India on missed earnings forecasts and declines for car and truck makers that brought declines on that index to 17 percent for the year, Singapore’s Straits Times Index was down 0.88 percent to 2,796.22, and the Hang Seng dropped 0.95 percent to 19,595.1 in Hong Kong.

New York equities markets were higher in midday trade, with the Dow Jones Industrial Average up 2.58 percent to 10,996.6 while the S&P 500 had dropped 2.96 percent to 1,153.99 and the Nasdaq Composite was 3.13 percent higher to 2,455.53.

Crude oil prices were mixed with West Texas Intermediate crude up 6 cents after being higher earlier in New York, while Brent crude was last reported down 19 cents in London trade.

Precious metals were lower in New York trade, with gold down $12.60 to $1,771.70 per troy ounce in midday trade while silver was 42 cents lower, but copper was 13 cents higher per pound in the most recent report.

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