Sector movers: Evraz leads industrial metals higher as Russia halts rouble slide
An afternoon comeback for UK markets was led by gains in the resources sector, with industrial metals and mining stocks rebounding strongly after some heavy losses the previous session.
Evraz
80.89p
17:30 11/04/24
Ferrexpo
52.20p
16:40 23/04/24
First Quantum Minerals Ltd.
450.62p
16:49 27/05/16
FTSE 250
19,799.72
16:59 23/04/24
FTSE 350
4,424.29
16:59 23/04/24
FTSE All-Share
4,378.75
17:14 23/04/24
Industrial Metals & Mining
6,690.01
16:59 23/04/24
Iron ore, copper and nickel producers dropped on Tuesday as metal prices fell on the back of concerns about a slowdown in China.
However, strong gains from Russia-focused steelmaker Evraz were giving the industrial metals sector a boost on Wednesday with shares up 9.2% at 129.1p.
Following recent fears that Russia could be entering into a new financial crisis, the country’s central bank announced on Wednesday a series of measures to “maintain the stability of the Russian financial sector”.
The CBR said it would help to recapitalise banks and hold more foreign exchange auctions if necessary. It also said it would allow banks to use a older exchange rate for the rouble to determine the value of their assets.
The news saw the rouble rally strongly after collapsing to a record low against the dollar the previous day.
Others in London's industrial metals sector were also making gains, such as Ferrexpo and First Quantum Minerals.
Top performing sectors so far today
Industrial Metals & Mining 1,271.28 +8.58%
Oil & Gas Producers 6,886.84 +2.67%
Mining 13,690.58 +2.24%
Insurance (non-life) 1,874.06 +1.68%
Oil Equipment, Services & Distribution 16,097.16 +0.98%
Bottom performing sectors so far today
Forestry & Paper 10,771.36 -3.57%
Beverages 13,653.84 -1.40%
Banks 4,228.32 -1.39%
Tobacco 39,035.99 -1.34%
Fixed Line Telecommunications 4,569.27 -0.83%