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US open: Mining stocks shine

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Date: Thursday 08 May 2008

LONDON (ShareCast) - US stocks are mixed at the outset, though mining stocks attempt to lead a rally after yesterday’s retreat.

Higher metal prices see the likes of Freeport McMoRan and Newmont Mining move higher. Energy stocks are also wanted on the back of the continued strength of the oil price, with National Oilwell and Peabody Energy featuring prominently among the winners.

The Dow Jones 30 is up 16 at 12,830 while the NASDAQ Composite puts on 4 points at 2,443. The S&P 500 is barely changed at 1,393.

Retailers have been releasing their April sales figures. Wal-Mart saw same-store sales increase 3.2% in April while discount retailer Costco saw a solid 8% sales gain, which beat forecast of a 6.1% increase. Department store JC Penney is weaker after same-store sales fell 1.7% in April.

Manitowoc is going well after its agreed bid for UK restaurant equipment maker Enodis was trumped by a higher offer from Illinois Tool Works.

Pipelines company El Paso is wanted after moving into profit in the first quarter. The company reported first quarter earnings per share of 29 cents compared with a loss of 8 cents per share in the corresponding period of last year.