London open: Stocks rise, but miners limit upside after RBA rate cut

5th May 2015 09:14

UK stocks opened in the green on Tuesday morning after the long weekend as markets tracked gains in Europe and the US the previous session, though miners were limiting upside.The FTSE 100 was trading 0.5% higher at 7,021.16 early on with gains capped as political uncertainty kicked in ahead of polling day on Thursday."With the election less than 48 hours away, the FTSE's nerve looks like it is beginning to slip as the UK index saw a lifeless open after the bell," said Spreadex analyst Connor Campbell.European markets gained on Monday following mostly better-than-expected manufacturing figures across the continent. The Eurozone manufacturing purchasing managers' index (PMI) for April was revised up to 52 from the initial estimate of 51.9, down from 52.2 the previous month but better than forecasts.Stocks on Wall Street also rose on Monday after US factory order-growth came in at an eight-month high of 2.1% in March. Meanwhile, Chicago Federal Reserve president Charles Evans said the central bank should wait until next year to hike interest rates with inflation too low and unemployment still high.The focus of Tuesday morning is likely to be on the Markit/CIPS UK construction PMI which is expected to slip to 57.4 in April from 57.8 in March. Trade balance data and the ISM non-manufacturing PMI will also be due for release in the States.Mining stocks fallMiners were under the weather after Reserve Bank of Australia surprised with a 25 basis-point cut in interest rates to another record low of 2%. This was the second cut this year, sending shares in BHP Billiton and Rio Tinto lower.Spreadex's Campbell said miners are "in somewhat of a slump this morning after the Australian central bank squashed interest rates to their lowest ever level in order to combat the country's post-mining boom headache".Glencore also declined after reporting a 9% drop in copper output in the first quarter.Asset manager Aberdeen also underwhelmed with a 25% profit jump in the second quarter as it reported a £11.3bn outflow of net new business.Pub group Greene King rose after reporting a 0.4% increase in retail like-for-like sales and total sales growth of 6.3% for its just-completed full year.Market MoverstechMARK 3,211.17 +0.58%FTSE 100 7,021.16 +0.50%FTSE 250 17,594.00 +0.72%FTSE 100 - RisersTUI AG Reg Shs (DI) (TUI) 1,239.00p +3.25%Coca-Cola HBC AG (CDI) (CCH) 1,414.00p +2.76%Burberry Group (BRBY) 1,765.00p +2.38%3i Group (III) 508.00p +2.03%ARM Holdings (ARM) 1,139.00p +1.88%Dixons Carphone (DC.) 425.50p +1.77%Intertek Group (ITRK) 2,672.00p +1.75%Fresnillo (FRES) 724.00p +1.69%Centrica (CNA) 258.80p +1.65%Prudential (PRU) 1,638.00p +1.61%FTSE 100 - FallersAberdeen Asset Management (ADN) 450.50p -2.72%Anglo American (AAL) 1,146.50p -1.59%HSBC Holdings (HSBA) 638.00p -1.28%Glencore (GLEN) 309.25p -1.09%BHP Billiton (BLT) 1,591.50p -1.00%Shire Plc (SHP) 5,305.00p -0.93%Ashtead Group (AHT) 1,138.00p -0.78%RSA Insurance Group (RSA) 422.30p -0.66%Rio Tinto (RIO) 2,986.00p -0.37%Sainsbury (J) (SBRY) 270.70p -0.37%FTSE 250 - RisersIndivior (INDV) 210.10p +3.45%Acacia Mining (ACA) 302.40p +3.17%Just Eat (JE.) 469.10p +2.87%Ladbrokes (LAD) 104.80p +2.85%Essentra (ESNT) 1,004.00p +2.24%Alent (ALNT) 374.70p +2.24%Balfour Beatty (BBY) 246.00p +2.20%JD Sports Fashion (JD.) 584.00p +2.19%Redrow (RDW) 382.00p +2.14%Genus (GNS) 1,394.00p +2.12%FTSE 250 - FallersAllied Minds (ALM) 619.50p -2.44%COLT Group SA (COLT) 147.70p -1.53%Ashmore Group (ASHM) 307.20p -1.29%Rathbone Brothers (RAT) 2,118.00p -1.21%Fidelity China Special Situations (FCSS) 167.00p -1.18%Barr (A.G.) (BAG) 625.00p -1.03%Polymetal International (POLY) 531.50p -0.84%NMC Health (NMC) 761.00p -0.78%IG Group Holdings (IGG) 733.50p -0.74%Hiscox Limited (CDI) (HSX) 820.00p -0.67%