LONDON (ShareCast) - Another set of strong results from the miners combined with higher metal prices has helped lift the sector Monday.
BHP Billiton lifted underlying earnings by 22% to $28bn in the year to June, on revenues up by 25% to $59.5bn. That news and copper rising for the first time in three days lifted the miner and its peers Rio Tinto, Kazakhmys and Anglo American.
Precious metals also gained value, lifting the likes of Arian Silver, Central African Gold and Jubilee Platinum.
Retailers are out of favour after HSBC lowered its rating on Kingfisher to ‘neutral’ from ‘overweight’, cutting its target price on the B&Q owner to 145p from 200p.
The broker says Kingfisher has had overstocking problems in the UK, adding that it now has a more negative view on the speed of the company’s upturn in China.
Homebase owner Home Retail Group also falls back as do department store Debenhams and the fashion chains French Connection and Next.
High street favourite Woolworths bucks the trend though, jumping more than 10% after rejecting a bid from the frozen foods giant Iceland.
Top performing sectors so far today
Mining 21,430.10 +1.20%
Oil Equipment Services & Distribution 15,630.10 +0.65%
Oil & Gas Producers 7,467.70 +0.63%
Construction & Materials 4,376.40 +0.59%
Chemicals 4,576.60 +0.11%
Bottom performing sectors so far today
General Retailers 1,304.90 -1.90%
Travel & Leisure 4,514.20 -1.86%
Media 3,074.30 -1.69%
Life Insurance 4,132.20 -1.48%
Food Producers & Processors 3,953.40 -1.37%
-0.75p ()
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