Sector movers: Basic resource, bank stocks surge

13th Apr 2016 19:58

(ShareCast News) - A surge in basic resources and bank shares gave equity benchmarks around the world a leg up on Wednesday, following data out of the People's Republic of China which showed exports rising at their fastest pace in over a year.The DJ Stoxx 600 gauge of basic resource sector shares leaped 6.88% higher to 289.36, alongside a 6.06% jump in another gauge tracking bank stocks across the continent to 148.02 points.Chinese exports rose at a 11.5% year-on-year clip (consensus: 10.0%) in March, while imports fell by a less than expected 7.6%."China's trade data for March point to healthy growth in import volumes and add to growing evidence that the extreme gloom of a few weeks ago about the state of the domestic economy was misplaced," Marcel Thieliant, senior economist at Capital Economics, said in a research report sent to clients.By companies, Anglo American was at the top of the leader board on the Footsie, with its shares having rocketed 11.05% to 709.30p. Stock in BHP and Rio Tinto were next, clocking in with advances of 9.18% and 7.60% to 882.8p and 2,245p, respectively.Shares of StanChart and Barclays were also to be found near the top rungs, sporting gains of 10.64% and 7.16% each.Nonetheless, the pan-European Stoxx 600 index was still trading close to the middle of the past month's range.It was a similar picture on the other side of the Pond.Coal (8.41%) and Marine Transportation (5.04%) were among the best performing industrial sectors, benefiting from the latest economic data out of Beijing.Bank stocks were also wanted, with the closely-followed KBW index of bank stocks trading higher by a hefty 3.93% to 66.42.Helping to boost sentiment, JP Morgan Chase - the largest US bank by market capitalisation - reported a 6.7% fall in first quarter net profits to $5.52bn or $1.35 a share.Yet that was not as bad as the $1.25 which analysts on Wall Street had girded for.JP Morgan was up by 4.44% to $61.91 as of 19:53, with Wells Fargo and Bank of America set to report the next day.Analysts were closely watching lenders' quarterly releases for advanced signs of a possible downturn in lending, and the wider economy, next year.