Top stocks broadly up today on solid earnings news

Mining stocks are back on vogue as investors put aside fears about the global economy after Kazakhmys, a London-listed copper mining company based in Kazakhstan posted a 130 per cent increase in first-half earnings per share. This was enough to set the stock for a 5.2 per cent hike. Most other blue-chip stocks followed in turn with the FTSE 100 index finishing up by 0.9 per cent to close at 5,155.84.

Chris Bradshaw
shareprices.com - Thursday, August 26, 2010

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A number of stocks did not fare too well. Segro ended 3.8 per cent lower as investors were disappointed by a meagre increase of 1.1 per cent in the value of its capital assets, consisting mostly out of industrial estates. However some positive signs emerged from the company's financial in that it cut outstanding debt by £165 million.

Diageo, the supplier of premium drinks is another stock that ended in the red. Down 1.5 per cent Diageo was punished by investors after it reported a mere 2 per cent rise in annual profits, which came in at £2.75 billion. Other losers include BT Group, down 1.66 per cent, Invensys down 1.75 per cent and J Sainsbury down 0.86 per cent.

Mining stocks dominated the leader board today. Fresnillo is up 4.76 per cent, Antofagasta is up 3.5 per cent, Eurasian Natural Resources is up 3 per cent. Xstrata and BHP Billiton also gained, up 2.45 per cent and 2 per cent. BHP Billiton executives are flying to Canada for direct discussions with stakeholders in Potash, of Saskatchewan the potash supplier which is currently an acquisition target for BHP Billiton.

 

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