FTSE 100 movers: Miners rise on Chinese hopes

10th Apr 2013 15:26

Mining stocks were on the up on hopes over Chinese domestic demand with Vedanta, EVRAZ, ENRC and Rio Tinto making decent gains. Vedanta was leading the way after reporting an increase in full-year production across oil and gas, copper, aluminium, lead and silver. Budget airline easyJet surged early on after Citigroup upgraded the stock to 'buy' and raised its target price from 980p to 1,210p, saying that it expects strong profit growth and continued market-share gains this year. Sector peer IAG was also performing well after Credit Suisse kept its 'outperform' recommendation for the shares, saying that the pending acquisition of Vueling would "represent another significant positive step towards driving profitability in Spain". Meanwhile, supermarket group Morrison was lower on reports that it could be cutting up to almost 700 back-office jobs. Engineering firm IMI was also among the fallers after going ex-dividend. Mining groups Randgold and Fresnillo both dropped after notes from Deutsche Bank. The broker cut its target price on Fresnillo from 1,300p to 1,260p and stays with its sell recommendation, while Randgold was reduced from 7,360p to 6,030p. FTSE 100 - RisersVedanta Resources (VED) 1,183.00p +6.00%easyJet (EZJ) 1,082.00p +5.87%Barclays (BARC) 298.90p +4.51%International Consolidated Airlines Group SA (CDI) (IAG) 247.70p +4.43%Royal Bank of Scotland Group (RBS) 286.00p +4.42%Eurasian Natural Resources Corp. (ENRC) 271.20p +4.31%Prudential (PRU) 1,065.00p +3.50%Aviva (AV.) 312.00p +3.48%CRH (CRH) 1,407.00p +3.15%London Stock Exchange Group (LSE) 1,297.00p +3.10%FTSE 100 - FallersRandgold Resources Ltd. (RRS) 5,395.00p -1.19%Fresnillo (FRES) 1,340.00p -1.03%IMI (IMI) 1,214.00p -0.98%Tullow Oil (TLW) 1,179.00p -0.67%BG Group (BG.) 1,123.50p -0.62%Morrison (Wm) Supermarkets (MRW) 278.30p -0.36%British Sky Broadcasting Group (BSY) 861.50p -0.17%Croda International (CRDA) 2,694.00p -0.11%Associated British Foods (ABF) 1,848.00p -0.05%Shire Plc (SHP) 1,944.00p -0.05%NR