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FTSE 100 Movers: Miners send Footsie flying

Tue, 03rd Jan 2012 14:49

Miners were charging higher with Kazakhmys leading the way, followed closely by BHP Billiton and Rio Tinto. The rise came on the back of moderately encouraging manufacturing data from China. China's official purchasing managers' index (PMI) rose to 50.3 in December from 49 in November; a value above 50 indicates an expansion in business activity. The mining giants were also boosted by news that Indian authorities have raised the export tax on all grades of iron ore from 20% to 30% putting further pressure on exports.Notably absent from the top ten - although still a riser - was Vedanta, which suffered on reports that the firm is likely to suffer on the export tax rise.A bitter legal battle appears to be brewing between Anglo American and the Chilean, state-owned copper miner Codelco, but this did nothing to hamper Anglo's soaring share price. Anglo says it has received a letter from Codelco seeking to exercise an option to buy a 49% stake in Anglo American Sur, a huge copper mining plant in Chile that Anglo has spent billions upgrading. On December 22nd, Anglo filed a legal complaint for breach of contract over what it describes as an "illegitimate premature attempt to exercise the option." Both firms say they are willing to work to a negotiated settlement.Barclays was also on the up after Citi reiterated its buy recommendation on the stock. Meanwhile, G4S was heading lower despite being awarded a £200m outsourcing contract by Lincolnshire Police Authority to provide services to support front line policing, according to sourcingfocus.com. FTSE 100 - RisersKazakhmys (KAZ) 985.00p +6.26%BHP Billiton (BLT) 1,994.00p +6.21%Essar Energy (ESSR) 182.00p +6.18%Rio Tinto (RIO) 3,311.50p +5.97%Antofagasta (ANTO) 1,282.00p +5.51%Xstrata (XTA) 1,030.50p +5.37%Anglo American (AAL) 2,496.50p +4.94%Eurasian Natural Resources Corp. (ENRC) 665.00p +4.64%Barclays (BARC) 183.70p +4.35%Glencore International (GLEN) 408.75p +4.27%FTSE 100 - FallersG4S (GFS) 268.50p -1.21%Imperial Tobacco Group (IMT) 2,413.00p -0.90%Shire Plc (SHP) 2,225.00p -0.80%Standard Life (SL.) 205.00p -0.63%Experian (EXPN) 871.00p -0.51%Kingfisher (KGF) 249.70p -0.40%Bunzl (BNZL) 880.50p -0.40%Associated British Foods (ABF) 1,104.00p -0.27%Royal Dutch Shell 'A' (RDSA) 2,366.00p -0.21%British American Tobacco (BATS) 3,051.50p -0.13%NR

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