Trader Glencore International up 7.58 percent

| September 8, 2011 | 0 Comments
Trader Glencore International up 7.58 percent

European equities markets saw gains Thursday as the Bank of England held interest rates steady at 0.5 percent and kept its bond-purchase program at £200 billion, while the European Central Bank also held rates steady, at 1.5 percent, but the ECB cut growth predictions for both this year and next year.

The FSTE 100 added 0.41 percent to 5,340.38 in London, while the FTSE 250 gained 0.42 percent to 10,365 as miners and retailers saw gains.

Commodities trader Glencore International (LSE: GLEN), part of the mining sector, led gains on the 100 and in the sector as it added 7.58 percent, while both Vedanta Resources (LSE: VED), with a gain of 4.39 percent, and gold and silver miner Fresnillo (LSE: FRES), which added 4.38 percent, both were also among the top five gainers on the 100.

Digital rights specialist Perform Group (LSE: PER) was the best performer on the 250, adding 8.11 percent.

Auto insurer Admiral Group (LSE: ADM) was the worst performer on the 100, dropping 2.36 percent after the Office of Fair Trading said it will investigate auto insurers after significant gains in premium prices in the UK, while electronics components distributor Premier Farnell (LSE: PFL) had the worst day on the 250, with share prices dropping by 7.93 percent.

There were more gainers than decliners in the retail sector, with gains led by Wm Morrison Supermarkets (LSE: MRW) as it added 4.22 percent, while Marks and Spencer (LSE: MKS) was up 2.58 percent on bids rumors.

Home Retail Group (LSE: HOME) was up 1.99 percent after it said that sales in its Argos chain of stores have slowed declines, with sales in stores open for at least a year down 8.6 percent in the quarter ending 27 August, compared to sales that were down by 9.6 percent in its fiscal first quarter.

In the energy sector, Tullow Oil added 4.78 percent on media speculation that CNOOC, China’s state-owned oil company, could make a bid, while oil and natural gas explorer Afren (LSE: AFR) added 6.63 percent to lead gains in the mostly higher sector and only Exillon Energy (LSE: EXI) saw declines as it dropped 0.73 percent.

The FTSE Eurofirst 300 was up 0.81 percent to 939.05 while the Dax added 0.05 percent to 5,408.46, the CAC-40 was 0.41 percent higher to 3,085.83 and the IBEX gained 1.49 percent to 8,277.8.

Most markets in Asia and the Pacific region were higher on the session.

The Nikkei 225 was up 0.34 percent to 8,793.12 in Tokyo, while the Topix index added 0.5 percent to 757.41 but the Mothers market dropped 0.44 percent to 429.35 as semiconductor related shares were higher after gains by the Philadelphia Semiconductor Index.

Advantest Corp (TYO: 6857) was up 0.8 percent while Tokyo Electron (TYO: 8035) added 3 percent and Shinko Electric Industries (TYO: 6967) gained 3.5 percent.

Oil producers saw gains after yesterday’s significant advances in oil prices, with Japan Petroleum Exploration (TYO: 1662) up 3.3 percent, while Inpex (TYO: 1605) gained 4.5 percent.

Construction machinery manufacturer Komatsu (TYO: 6301) was down 1.9 percent and Fanuc (TYO: 6954) dropped 3.4 percent on new data showing that machinery orders were down by 8.2 percent in Japan in July after adding 7.7 percent in June.

Australia’s markets were higher, with the S&P/ASX200 up 0.11 percent to 4,188 while the Sydney Ordinaries added 0.16 percent to 4,269.8, Taiwan’s Taiex was 0.26 percent higher to 7,548.37, the Sensex gained 0.59 percent to 17,165.5 in India, South Korea’s Kospi was up 0.72 percent to 1,846.4 and the Straits Times Index added 0.87 percent to 2,856.9 in Singapore.

The Hang Seng was down 0.67 percent to 19,912.8 in Hong Kong while the Shanghai Composite dropped 0.68 percent to 2,498.94.

New York equities were slightly lower in midday trade ahead of speeches scheduled for later in the day by both President Barack Obama and Federal Reserve Chairman Ben Bernanke, with the Dow Jones Industrial Average down 0.29 percent to 11,381.4, while at the same time the S&P 500 had dropped 0.34 percent to 1,194.59 and the Nasdaq Composite was 0.18 percent lower to 2,544.46.

The price of crude oil was little changed from yesterday’s close, with October contracts for West Texas Intermediate crude up 17 cents to $89.51 per barrel at midday on the New York Mercantile Exchange, while Brent crude was last reported down 14 cents to $115.66 per barrel on the ICE Futures Europe exchange in London.

The US Energy Information Administration reported earlier in the day that crude oil stockpiles in the US were down significantly more than expected last week, seeing a drawdown of 4 million barrels, while gasoline inventories added 200,000 barrels, less of a gain than expected, and distillates in storage added 700,000 barrels, slightly more of a gain than analysts had looked for in a report that was delayed one day by the Labor Day holiday in the United States on Monday.

Metals prices were higher, with gold adding $43.10 to $1,860.70 per troy ounce in midday trade in New York, while silver was up 88 cents to $42.51 per troy ounce and copper added less than a cent to trade at $4.14 per pound.

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