FTSE 100 movers: Miners lifted by broker upgrade

22nd May 2009 12:28

Mining stocks helped recouped yesterday's losses after Goldman Sachs ramped up price targets across the sector in expectation of a China-fuelled rally in commodity prices."Datapoints from China, and a more bullish outlook from our colleagues in the region, prompt us to analyse which metals might soonest experience capacity constraints," the broker said. "We believe that GDP growth close to, or slightly above our economists' current forecasts, could result in copper and iron ore suffering capacity constraints by 2011."The broker more than triples its target price on Vedanta to 1,997p from 537p. Rio Tinto's is raised to 2,994p from 1,637p, BHP Billiton's to 1,778p from 1,302p, Anglo American's to 2,491p from 1,124p and Xstrata's to 1,074p from 388p.Rio Tinto has also been boosted by reports in Australia it could change the financing deal with Chinalco to appease both regulators and major shareholders.FTSE 100 - RisersFresnillo (FRES) 698.00p +9.06%Aviva (AV.) 344.00p +7.25%Kazakhmys (KAZ) 690.00p +7.23%Eurasian Natural Resources (ENRC) 595.00p +6.63%Lloyds Banking Group (LLOY) 70.30p +5.40%Royal Bank of Scotland Group (RBS) 41.90p +5.01%ICAP (IAP) 385.00p +4.83%Man Group (EMG) 233.25p +4.83%Rio Tinto (RIO) 2,769.00p +4.22%Randgold Resources (RRS) 4,325.00p +4.07%FTSE 100 - FallersInvensys (ISYS) 228.75p -3.48%Cable & Wireless (CW.) 138.60p -2.39%British Airways (BAY) 159.80p -1.84%RSA Insurance Group (RSA) 128.00p -1.39%Home Retail Group (HOME) 232.75p -1.38%Experian Group (EXPN) 473.00p -1.30%International Power (IPR) 272.50p -1.18%Reckitt Benckiser Group (RB.) 2,716.00p -1.16%