FTSE 100 movers: Miners leap on Chinese PM's comments

25th Apr 2012 15:21

Miners were in demand following comments from Chinese Prime Minister Wen Jiabao that the government is committed to reforms in the country that are expected to ensure growth in the second-largest economy in the world remains robust. Vedanta was the biggest riser, up over four per cent, with Xstrata, Kazakhmys and Anglo American all making strong gains. Smartphone chip designer ARM Holdings was also a significant riser, helped by forecast-beating results last night from Apple (which reportedly uses ARM technology in its gadgets) and a number of broker upgrades. Jefferies raised its rating on the stock from undeperform to hold on the back of the recent share price slump and said: "We believe ARM has a solid execution 2H ahead (Royalties, Licensing) in smartphones." Leading the downside were Centrica, Reed Elsevier, Tesco and Rolls-Royce after going ex-dividend. From today, investors will not have the right to the stocks' latest dividend payments. Russian miner Polymetal was lower despite saying that it is on track to deliver one million ounces of gold equivalent production in 2012. Revenue in 2011 rose 43% to $1,326m helped by rising gold prices.FTSE 100 - RisersVedanta Resources (VED) 1,225.00p +4.26%IMI (IMI) 1,016.00p +3.73%International Consolidated Airlines Group SA (CDI) (IAG) 174.40p +3.50%Glencore International (GLEN) 428.70p +3.11%Xstrata (XTA) 1,183.00p +2.96%Kazakhmys (KAZ) 881.00p +2.74%BAE Systems (BA.) 298.80p +2.57%Pearson (PSON) 1,148.00p +2.50%Burberry Group (BRBY) 1,440.00p +2.35%Anglo American (AAL) 2,360.50p +2.27%FTSE 100 - FallersCentrica (CNA) 309.30p -4.09%Tesco (TSCO) 316.55p -2.73%GlaxoSmithKline (GSK) 1,419.00p -2.64%Reed Elsevier (REL) 513.00p -2.47%Polymetal International (POLY) 938.00p -1.26%Man Group (EMG) 95.85p -1.19%Petrofac Ltd. (PFC) 1,725.00p -1.15%Shire Plc (SHP) 1,990.00p -1.09%Morrison (Wm) Supermarkets (MRW) 285.40p -1.07%Associated British Foods (ABF) 1,226.00p -1.05%NR