London open: UK stocks at six-week high as Vodafone gains

11th Nov 2014 08:38

London's stock market was trading at levels not seen since late September on Tuesday as decent gains from Vodafone and a host of real-estate groups outweighed weakness in the mining sector.The FTSE 100 was 0.3% higher at 6,633 in early deals.Nevertheless, gains were only modest early on after the index closed Monday's session at 6,611.25, its first finish above 6,600 since 30 September. Across the Atlantic, both the S&P 500 and Dow Jones Industrial Average benchmark indices closed at record highs again on Monday evening.Deutsche Bank pointed out "a little lull" in the flow of economic news. "The post-payroll week is always a bit light on data, which is compounded by the fact that we're now past the European Central Bank meeting," analysts observed.They said that Tuesday's session was "likely to be on the quiet side" with no economic data from the States due to the Veteran's Day holiday, though the equity markets will still be open.Vodafone jumps on solid first halfVodafone was a high riser, up 5%, as interim results from the mobile telecoms group showed evidence of growing stabilisation in its European markets, with earnings guidance for the full year now guided towards the higher end of expectations. Strong consumer demand for data helped revenues rise 8.9% in the six months to 30 September to £20.8bn, marginally ahead of forecasts.Land Securities wasn't far behind after reporting a massive increase in profits in its first half and a higher net asset value, saying that its portfolio is "now in much stronger shape". Pre-tax profit totalled £1,031m in the six months to 30 September, compared with just £397.9m the year before.Others in the property sector including British Land and Hammerson were also in demand.Renishaw jumped 10% as the engineering firm reiterated its full-year guidance, saying that it continues to see "strong demand" across its product lines.Mining stocks were mostly lower as commodity prices fell with Fresnillo, Randgold, Anglo American, BHP Billiton, Rio Tinto and Antofagasta among the worst performers.Also weighing on sentiment in the resource sectors was Citigroup's prediction that iron-ore prices will drop to under $60 a metric tonne next year as supply increases amid weak demand. The bank expects iron ore to average $72 a tonne in the first quarter of 2015, down from its earlier estimate of $82. Market MoverstechMARK 2,829.77 +0.88%FTSE 100 6,632.52 +0.32%FTSE 250 15,655.05 +0.38%FTSE 100 - RisersVodafone Group (VOD) 217.65p +4.71%Land Securities Group (LAND) 1,137.00p +2.34%easyJet (EZJ) 1,574.00p +1.42%Persimmon (PSN) 1,468.00p +1.38%Direct Line Insurance Group (DLG) 277.40p +1.28%Sainsbury (J) (SBRY) 257.90p +1.26%National Grid (NG.) 941.00p +1.24%Dixons Carphone (DC.) 405.90p +1.20%SSE (SSE) 1,579.00p +1.09%Capita (CPI) 1,123.00p +1.08%FTSE 100 - FallersRandgold Resources Ltd. (RRS) 3,993.00p -2.28%Fresnillo (FRES) 720.00p -2.04%Tullow Oil (TLW) 498.00p -1.97%CRH (CRH) 1,359.00p -1.88%Anglo American (AAL) 1,336.00p -1.80%BHP Billiton (BLT) 1,647.50p -1.47%BT Group (BT.A) 370.10p -1.33%Petrofac Ltd. (PFC) 1,123.00p -1.32%Tesco (TSCO) 190.55p -1.22%Rio Tinto (RIO) 2,989.00p -1.16%FTSE 250 - RisersRenishaw (RSW) 1,940.00p +9.73%Taylor Wimpey (TW.) 121.20p +3.32%Diploma (DPLM) 723.50p +2.84%Bank of Georgia Holdings (BGEO) 2,360.00p +2.56%Betfair Group (BET) 1,326.00p +2.47%Morgan Advanced Materials (MGAM) 299.20p +2.33%Redrow (RDW) 276.80p +2.33%Euromoney Institutional Investor (ERM) 1,127.00p +2.18%Domino's Pizza Group (DOM) 645.50p +2.06%Micro Focus International (MCRO) 1,033.00p +1.87%FTSE 250 - FallersAfren (AFR) 78.35p -4.97%Oxford Instruments (OXIG) 1,090.00p -4.13%Hochschild Mining (HOC) 96.75p -3.25%Ocado Group (OCDO) 321.30p -3.19%Polymetal International (POLY) 529.00p -2.85%Premier Oil (PMO) 250.50p -2.38%African Barrick Gold (ABG) 207.00p -2.27%Centamin (DI) (CEY) 50.05p -2.05%Amec (AMEC) 1,058.00p -1.95%Home Retail Group (HOME) 186.40p -1.89%