FTSE 100 movers: Copper miners bounce back

12th Mar 2013 15:36

Shares of copper miner Kazakhmys were dragged higher by improved market sentiment following peer Antofagasta´s full-year results out today. Worth noting, its stock has accumulated enormous losses year-to-date. LME copper futures are now up by just 0.23% at $7,758 per metric ton at the time of writing.Spanish workers´ union UGT has accepted the proposals made by an independent mediator to itself and airline carrier IAG regarding lay-offs at the latter´s subsidiary Iberia, daily El Pais reported. The company´s shares have today hit technical resistance in the 255p to 260p area.Copper miner Antofagasta released largely 'in-line' full year results on Wednesday, while at the same time announcing a special dividend which was expected. Analysts´ comments in reaction to the above were restrained at best. "Our expectation of a further substantial special dividend for 2013 means we continue to expect Antofagasta to trade at an elevated multiple versus its history (...) However, we see limited further upside without further copper price upside driving higher free cash flows and the potential for even larger dividends in the next 12 months," wrote analyst at Canaccord.Analysts at UBS yesterday started their coverage of TUI AG - which holds a 56% stake in TUI Travel - at 'buy.' They explained to clients that: "The main driver of our positive stance is a constructive view on TUI Travel and the tour operator market. We believe better capacity control and pricing will likely drive improved profitability and earnings upgrades, while an end to restructuring costs could lead to a re-rating, given the circa 30% discount, on a price-to-earnings basis, to the low-cost-carriers (LCCs)."Randgold Resources was tracking the price of gold futures higher. FTSE 100 - RisersKazakhmys (KAZ) 551.00p +5.86%International Consolidated Airlines Group SA (CDI) (IAG) 258.30p +5.21%Antofagasta (ANTO) 1,140.00p +4.11%Petrofac Ltd. (PFC) 1,527.00p +3.25%Randgold Resources Ltd. (RRS) 5,595.00p +2.57%Melrose Industries (MRO) 277.20p +2.25%BAE Systems (BA.) 376.90p +2.09%TUI Travel (TT.) 317.30p +1.99%Royal Bank of Scotland Group (RBS) 307.00p +1.89%WPP (WPP) 1,096.00p +1.76%FTSE 100 - FallersBritish Land Co (BLND) 561.00p -3.36%Hammerson (HMSO) 506.00p -2.41%Standard Chartered (STAN) 1,790.00p -1.76%Aggreko (AGK) 1,876.00p -1.73%Next (NXT) 4,105.00p -1.30%Admiral Group (ADM) 1,342.00p -1.25%Serco Group (SRP) 626.00p -1.11%Land Securities Group (LAND) 824.50p -0.96%United Utilities Group (UU.) 717.00p -0.90%Fresnillo (FRES) 1,478.00p -0.81%AB