New World Resources best among miners

| September 15, 2011 | 0 Comments
New World Resources best among miners

European equities markets were higher Thursday after the European Central Bank announced a coordinated effort in concert with the US Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank to insure liquidity through the end of this year, with the ECB lending dollars to Eurozone banks, while markets were also helped by assurance from both France and Germany that Greece will remain in the Eurozone.

The FTSE 100 was up 2.11 percent to 2.11 percent to 5,337.54 in London, while the FTSE 250 was up 2.14 percent to 10,324.1 as the mining sector was mostly higher but still managed to notch the worst performances on both the 100 and the 250.

Coal miner New World Resources (LSE: NWR) A shares performed best among miners, adding 5.02 percent, but Randgold Resources (LSE: RRS) was the worst performer on the 100, dropping 2.96 percent while African Barrick Gold (LSE: ABG) was down 3.49 percent for the worst performance on the 250.

Lloyds Banking Group (LSE: LLOY) led gains on the 100 and in the London banking sector, adding 7.19 percent, while over on the 250 the best performance came from travel agent Thomas Cook Group (LSE: TCG), which was 22.38 percent higher on reports that 9.1 percent of its issued shares have been borrowed, probably lent to short-sellers.

The retail sector was mostly higher, led by Booker Group (LSE: BOK, which added 7.89 percent on higher sales in its second quarter, while home furnishings retailer Dunelm Group (LSE:
DNLM) was up 5.81 percent on a 9 percent increase in pretax profits in the full year, while DIY retailer Kingfisher (LSE: KGF) gained 4.8 percent after it said its pretax profits were up by 24 percent in the first half on growth in France.

Fashion house Burberry Group (LSE: BRBY) was up 6.58 percent on the news that China could cut taxes on luxury goods by the end of the year.

The FTSE Eurofirst 300 was up 2.07 percent to 932.16 while the Dax added 3.15 percent to 5,508.24, the CAC-40 was 3.27 percent higher to 3,045.62 and the IBEX gained 3.63 percent to 8,337.9, with no losers on the Dax or the CAC-40 and only two decliners on the IBEX.

Most markets in the Asia-Pacific region were higher after Germany’s chancellor and the French president both said they believe that Greece will remain part of the Eurozone.

The Nikkei 225 was up 1.76 percent to 8,668.86 in Tokyo, while the Topix index added 1.36 percent to 751.76 and the Mothers market gained 0.48 percent to 407.31, with chipmaker Elpida Memory (TYO: 6665) up 5 percent after it said it might move some production to Taiwan due to the continuing strength of the yen, while Sumitomo Metal Industries (TYO: 5405) added 3.8 percent after Credit Suisse raised its target share price on the steelmaker.

Carmakers saw gains, with Toyota Motor (TYO: 7203) adding 2.1 percent while Honda Motor (TYO: 7267) was 4 percent higher.

Among Tokyo banks, Mitsubishi UFJ (TYO: 8306) gained 1.5 percent.

Elsewhere in the region, the Hang Seng was up 0.71 percent to 19,181.5 in Hong Kong, Singapore’s Straits Times Index added 0.97 percent to 2,765.95, the Sensex was 1 percent higher to 16,876.5 in India, South Korea’s Kospi gained 1.42 percent to 1,774.08, Australia’s markets were higher as the Sydney Ordinaries added 1.54 percent to 4,153.2 and the S&P/ASX200 was up 1.65 percent to 4,071.7, and Taiwan’s Taiex was 2.17 percent higher to 7,385.68.

The Shanghai Composite was 0.23 percent lower to 2,479.05.

New York markets were higher, with the Dow Jones Industrial Average ending up 1.66 percent to 11,433.2 while the S&P 500 was 1.72 percent higher to 1,209.11 and the Nasdaq Composite added 1.34 percent to 2,607.07.

Among commodities, crude oil prices were higher in New York and London trade, while metals prices were mixed as December gold ended the session down $45.10 to $1,781.40 per troy ounce in New York trade, while silver and platinum also declined, but copper and palladium were higher, with December copper up 6 cents to $3.96 per pound in New York.

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