FTSE 100 movers: Miners lead the way higher

2nd Jan 2013 15:12

With investors feeling like taking a few more risks following the events in the US, miners were taking up nine of the top 10 spots on FTSE 100. Burberry was also making decent gains, which may be linked to comments by the luxury retailer's Chief Executive, Angela Ahrendts, who said the company is increasing its efforts to its customers through digital media. Speaking to the Associated Press, she said: "We just kept evolving the structure. We always said if we were going to target a millennial consumer then we had to do it in their mother tongue, which is digital." She added that some of the main questions Burberry continues to ask are: "How do we keep the brand so cool and so pure and so relevant so it cuts through that clutter? But, by the same token, how do we keep the marketing and the communication much more customized and personalised?" Meanwhile, banks were also in demand with Barclays the standout performer after Investec hiked its target price from 260p to 285p and hailed the lender as its "preferred UK domestic bank". Despite an impressive 79% rally over the past five months, the broker said that the shares are still trading "only in line with loss-making RBS and at a peculiar discount to Lloyds". These latter two banks are rated 'sell' by Investec. Oil giant BP rose after announcing the "successful start of production" at the Skarv field in the Norwegian Sea, adding new output from one of its core higher-margin areas. Engineering support services firm Babcock was higher after saying that it has acquired liquid gas plant unit LGE Process from Weir for £23m. Just three stocks on the blue-chip index were in the red today as defensive sectors like tobacco and supermarkets bear the brunt of the increase in risk appetite. British American Tobacco, Morrison and Sainsbury were all stuck in the red. Sainsbury was off after analysts at Oriel Securities warned this morning that: "we think that things have got much tougher here since the Interims, and we think that the decision to offer 10p a litre off petrol for 60 pound spenders from 27th December to January 2nd is a response to an uninspiring Christmas." "In the short term the shares look vulnerable," the broker added. FTSE 100 - RisersEvraz (EVR) 279.70p +8.03%Glencore International (GLEN) 377.75p +7.53%Xstrata (XTA) 1,134.50p +7.13%Kazakhmys (KAZ) 832.50p +7.01%Vedanta Resources (VED) 1,231.00p +6.40%Eurasian Natural Resources Corp. (ENRC) 301.90p +6.30%Anglo American (AAL) 2,007.50p +5.99%Rio Tinto (RIO) 3,700.50p +5.38%Burberry Group (BRBY) 1,289.00p +5.14%Antofagasta (ANTO) 1,390.00p +4.98%FTSE 100 - FallersSainsbury (J) (SBRY) 336.60p -2.46%Morrison (Wm) Supermarkets (MRW) 258.30p -1.79%British American Tobacco (BATS) 3,097.50p -0.75%