FTSE 100 movers: Miners power forward

23rd Nov 2009 15:16

Miners have soared on a combination of dollar weakness and rumours of a 74.4 tonnes of gold sitting at the $1,200 strike. If the market starts to approach this level, and hits it then the gold price will spike as those contracts would have to be covered, traders say. Other metals have also soared with copper and platinum also at 14-month highs. Kazakhmys, Lonmin, Fresnillo and ENRC lead the rally. Financials are being boosted by Royal Bank of Scotland and ICAP. RBS reportedly is to try to shunt £7bn of toxic loans into the Irish "bad bank", the National Asset Management Agency, through its Ulster Bank subsidiary.FTSE 100 - RisersKazakhmys (KAZ) 1,335.00p +5.45%Lonmin (LMI) 1,783.00p +5.32%Royal Bank of Scotland Group (RBS) 37.73p +4.81%Fresnillo (FRES) 916.50p +4.68%Eurasian Natural Resources (ENRC) 897.00p +4.67%Rio Tinto (RIO) 3,294.00p +4.64%ICAP (IAP) 439.30p +4.57%Xstrata (XTA) 1,118.00p +4.49%FTSE 100 - FallersBunzl (BNZL) 640.00p -0.78%Tullow Oil (TLW) 1,254.00p -0.48%Schroders (SDR) 1,220.00p -0.16%Intertek Group (ITRK) 1,221.00p -0.16%Petrofac Ltd (PFC) 1,010.00p -0.10%Admiral Group (ADM) 1,008.00p 0.00%