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FTSE 100 Movers: Miners lead index higher

Tue, 10th Jan 2012 14:46

Miners were leading the rise on Tuesday, with Vedanta Resources, Kazakhmys and Antofagasta gaining ground after some positive economic data from China boosted sentiment. China's trade balance widened from $145.3bn to $165.2bn in December and while import growth on the whole had slowed, imports for copper and aluminium accelerated. Oil and gas firm Cairn Energy was a high riser after giving details of the long-awaited $3.5bn it intends to return to its lucky shareholders following the $5.5bn sale of a large stake in its Indian business to Vedanta.Banks were putting in a good performance with Barclays leading the way gaining over 5%, despite having its target price cut by UBS. The Swiss broker has reduced its earnings forecasts by 1% and 6% for 2011 and 2012, respectively, on the back of a "uncertain outlook". Sector peers Lloyds and RBS were also registering decent gains despite the latter being on the verge of shedding between 3,000 and 4,000 jobs, according to Reuters. UBS cut its target on the stock from 28p to 25p.High street giant Marks & Spencer also rose after seeing sales (excluding VAT) rise 2.4% in the final 13 weeks of 2011. As for the all-important like-for-like sales comparisons, overall, the UK stores were up 0.5%, with General Merchandise down 1.8% but Food up 3.0%. Meanwhile, Anglo-American drugs giant GlaxoSmithKline continued to fall, one day after announcing its once-a-day respiratory drug Relovair is soon to be submitted for regulatory approval. FTSE 100 - RisersVedanta Resources (VED) 1,036.00p +5.93%Barclays (BARC) 188.05p +5.59%Kazakhmys (KAZ) 1,031.00p +5.31%Antofagasta (ANTO) 1,296.00p +5.02%Royal Bank of Scotland Group (RBS) 21.05p +4.88%BAE Systems (BA.) 303.00p +4.77%Fresnillo (FRES) 1,711.00p +4.46%Randgold Resources Ltd. (RRS) 7,200.00p +4.35%CRH (CRH) 1,257.00p +4.23%Johnson Matthey (JMAT) 2,000.00p +4.06%FTSE 100 - FallersGlaxoSmithKline (GSK) 1,423.00p -0.84%SABMiller (SAB) 2,333.50p -0.34%Sage Group (SGE) 299.10p -0.20%Tesco (TSCO) 390.00p -0.12%Morrison (Wm) Supermarkets (MRW) 311.20p -0.10%NR

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