London open: Resolution leads markets higher ahead of economic data

13th Aug 2013 08:44

Markets gained strongly on Tuesday morning with insurance firm Resolution providing a lift ahead of a flurry of economic data due out later on, as stocks rebounded strongly following a relatively quiet session the day before.On the schedule for today is consumer sentiment figures in Germany, UK inflation and the retail price index, as well as retail sales and business inventories in the States."After a lacklustre session yesterday saw equity markets close relatively unchanged, today's economic docket has the potential to inject some energy into proceedings," said Senior Market Analyst Michael Hewson from CMC Markets.Markets were also tracking Japan's Nikkei index higher overnight as yesterday's disappointing growth figures sparked speculation that Prime Minister Shinzo Abe could impose a reduction in corporation taxes to offset the impact of a planned increase in the sales tax.Resolution, miners lead markets higherBritish life insurance investor Resolution gained early on reporting an increase in profits for the first half after strong growth in the UK and tight cost control. Operating pre-tax profit came to £191m for the fix six months, compared to £163m the previous year, as operating earnings per share rose to 13.26p from 11.32p.Mining stocks were performing well this morning with Fresnillo continuing to rebound strongly after disappointing the market with its first-half report last week - the stock has now jumped by a quarter since the statement on August 6th.Sector peers Randgold and Glencore Xstrata were also higher as metals prices advanced this morning.Pharmaceutical giant GlaxoSmithKline gained after joint venture ViiV Healthcare won the approval of the US FDA for its new HIV treatment.Medical equipment group Smith & Nephew was a heavy faller today after Citigroup downgraded the stock to 'neutral', saying that a solid run has left "limited upside".Recruitment company Michael Page slumped posting flat revenues in the first half as challenging market conditions across most of its regions persisted.FTSE 100 - RisersResolution Ltd. (RSL) 338.10p +4.45%Fresnillo (FRES) 1,143.00p +3.63%G4S (GFS) 251.10p +2.87%International Consolidated Airlines Group SA (CDI) (IAG) 319.70p +2.40%Glencore Xstrata (GLEN) 307.40p +1.99%Wood Group (John) (WG.) 912.50p +1.96%easyJet (EZJ) 1,352.00p +1.81%AstraZeneca (AZN) 3,322.50p +1.57%Rio Tinto (RIO) 3,238.00p +1.44%GKN (GKN) 350.30p +1.21%FTSE 100 - FallersOld Mutual (OML) 196.90p -2.19%Prudential (PRU) 1,223.00p -0.73%Lloyds Banking Group (LLOY) 75.19p -0.40%Anglo American (AAL) 1,562.00p -0.35%Barclays (BARC) 284.05p -0.33%British Sky Broadcasting Group (BSY) 843.50p -0.30%Standard Chartered (STAN) 1,608.50p -0.25%BG Group (BG.) 1,204.00p -0.17%Aviva (AV.) 398.10p -0.13%Tullow Oil (TLW) 1,063.00p -0.09%FTSE 250 - RisersHochschild Mining (HOC) 240.40p +3.49%Polymetal International (POLY) 746.00p +2.61%Perform Group (PER) 546.50p +2.53%Dialight (DIA) 1,261.00p +2.52%Evraz (EVR) 120.10p +2.47%Direct Line Insurance Group (DLG) 228.90p +2.42%Rank Group (RNK) 160.00p +2.24%Elementis (ELM) 264.50p +2.12%Centamin (DI) (CEY) 38.10p +1.76%Schroder Asia Pacific Fund (SDP) 249.90p +1.75%FTSE 250 - FallersMichael Page International (MPI) 446.40p -4.82%African Barrick Gold (ABG) 145.80p -3.25%Synthomer (SYNT) 202.40p -1.75%Premier Oil (PMO) 355.50p -1.66%EnQuest (ENQ) 124.60p -1.66%Millennium & Copthorne Hotels (MLC) 545.00p -1.45%Fidessa Group (FDSA) 2,100.00p -1.36%Rentokil Initial (RTO) 97.50p -1.22%Ashmore Group (ASHM) 368.30p -1.15%Enterprise Inns (ETI) 148.20p -1.00%BC