Miners gains on FTSE restrained over eurozone fears
The top share index in the UK was up on Tuesday as metal prices rose following data from China. By the end of the session, the FTSE 100 was higher by over 36 points, climbing 0.7 per cent to reach 5693.
Chris Bradshaw
shareprices.com - Wednesday, January 18, 2012
Fears over demand cooled as the latest figures from China revealed that the world's largest importer sustained moderate growth, sending metal prices upwards. However, the gains made by the mining sector were tempered by the growing fears over a Greek default. Despite receiving sustained financial assistance the country is still locked in talks with private creditors and has been unable to reach an agreement. If Greece defaults, extra pressure will be piled onto other nations on the brink as the cost of borrowing rockets.
The top part of the leaderboard was dominated by miners, with four out of the top ten places occupied by stocks from the sector. Polymetal International was the highest climber, up by 3.48 per cent whilst Rio Tinto was in second place, adding 2.93 per cent. Fresnillo and Kazakhmys were just behind with rises of 2.69 and 1.97 per cent respectively.
At the wrong end of the charts was Essar Energy, suffering a catastrophic plunge, with more than a quarter of the share price wiped off. The oil firm nosedived by 26.33 per cent after the Indian Supreme court decreed that Essar could not benefit from a deferred tax payment scheme, despite an earlier judgement from the Gujarat High Court.
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News
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