FTSE Index Up 2%; Marks & Spencer Gains 4%

Trupti Mehta
01 Jul, 2009
New York City

Miners lead the gainers after metal prices rise. Copper, zinc and tin closed higher after China reported manufacturing expansion. Marks & Spencer increased after it reported smaller declines in same store sales. National Express chief resigns and hands over the eastern railroad franchise.

[R]7:00 PM London, 2:00 PM New York – Miners lead the gainers in London trading after metal prices rise. Copper, zinc and tin closed higher after China reported manufacturing expansion. Marks & Spencer increased after it reported smaller declines in same store sales. National Express chief resigns and hands over the eastern railroad franchise.[/R]

The UK benchmark index increased more than 2% after miners and energy related stocks closed higher on the rise in commodities prices.

Crude oil reached $72 in London trading and copper and other base metals increased after China reported manufacturing expansion.

In London FTSE 100 Index closed higher 91.50 or 2.15% to 4,340.71 and the pound closed up to $1.64.

The benchmark FTSE index increased 8% in the second quarter, smallest decline of the top 25 markets tracked by 123jump.com.

Gainers & Losers

BHP Billiton added 4.5% to 1,425 pence and Vedanta Resources surged 9.8% to 1,415 pence and Xstrata Plc increased 5.5% to 693 pence. Kazakhmys increased 5% and Eurasian Natural Resources increased 6.1% to 694.50 pence.

Marks & Spencer increased 3.8% to 317.50 pence after it reported same store sales declined 1.4%, food sales fell 0.5% and general merchandise 2.4% for the 13 weeks ended June 27. Next Plc added 3.9% to 1,526 pence.

National Express Group dropped 8.2% to 284 pence after the company handed over the east rail franchise back to the UK government and its chief executive Richard Bowker stepped down.

John Wood Group dropped 0.8% to 269 pence after the company reiterated and mainted the earnings outlook for the second half of the year.

FTSE 100 Index Movers

Of the stocks in the FTSE 100 index, 89 increased, 11 declined and 2 were unchanged.

Man Group Plc decliners in the FTSE 100 index with a loss of 5.59% followed by losses in Lloyds Banking Group plc of 2.40%, in Pearson plc of 1.31%, in British Airways Plc of 0.56% and in The British Land Company PLC of 0.52%.

Vedanta Resources plc led gainers in the FTSE 100 index with a rise of 9.86% followed by increase in International Power plc of 6.62%, in Antofagasta plc of 6.30%, in Old Mutual plc of 6.13%, in Eurasian Natural Resources Corporation PLC of 6.11%.

Europe Markets Review

In London FTSE 100 Index closed higher 91.50 or 2.15% to 4,340.71, in Paris CAC 40 Index increased 76.56 or 2.44% to close at 3,217.00 and in Frankfurt DAX index higher 96.80 or 2.01% to close at 4,905.44. In Zurich trading SMI increased 68.97 or 1.28% to close at 5,472.94.