FTSE 100 movers: Miners surge on commodity hopes

10th Jun 2009 12:51

Miners are buoyant today helped by optimism on metal demand, surging oil prices, a weak dollar and global recovery.ENRC is one of the main risers. It reported sales and production volumes during the first quarter were better than prior expectations though pricing pressures remain. Vedanta, Xstrata, Kazakhmys, Rio Tinto and Antofagasta are all joining in.Mining giant BHP Billiton is also well ahead. It has agreed to cut the price of metallurgical coal, which is used by steelmakers, by 58% for the current shipping year. Broker comment boosts the banking sector. JP Morgan said it continues to recommend an overweight position on the sector. Royal Bank of Scotland and Lloyds Banking are the stand-out stocks in the sector. As crude oil rises above $70 a barrel oil titans BP and Royal Dutch Shell are in demand, but Tullow Oil sees profit taking after its recent good run.Thomas Cook is also lower on reports that retailer Arcandor could be forced to sell its near 53% stake in travel agency Thomas Cook, possibly through a placing or offer.FTSE 100 - RisersVedanta Resources (VED) 1,820.00p +11.59%Xstrata (XTA) 782.50p +8.45%Eurasian Natural Resources (ENRC) 725.00p +7.33%Rio Tinto (RIO) 3,152.00p +6.78%Kazakhmys (KAZ) 742.00p +6.76%BHP Billiton (BLT) 1,594.00p +6.62%Lloyds Banking Group (LLOY) 67.00p +6.35%Antofagasta (ANTO) 686.50p +5.78%FTSE 100 - FallersThomas Cook Group (TCG) 231.00p -2.01%Inmarsat (ISAT) 522.50p -1.79%Tullow Oil (TLW) 986.00p -1.20%Cable & Wireless (CW.) 128.60p -1.08%Invensys (ISYS) 231.75p -1.07%BAE Systems (BA.) 326.75p -1.06%Vodafone Group (VOD) 113.50p -0.74%Balfour Beatty (BBY) 342.00p -0.58%