News

August 17, 2008

That Was The Week That Was ... In London

By Henry Sandford

London’s quoted mining companies put in a confused performance this week, as sentiment towards equities improved somewhat. That helped some of the larger and more liquid stocks, but there was also downward pressure as commodity prices continued to fall. The majors illustrated the mixed messages coming throug, with Anglo American (LSE: AAL) two per cent better on 2,735p and BHP Billiton (LSE: BLT) up one per cent at 1,529p. But Rio Tinto (LSE: RIO) fell two per cent to 4,605p and Xstrata (LSE: XTA) dropped four per cent lower to 2,878p.

Amongst the fully-listed large caps it was a similar story, with International Ferro Metals (LSE: IFL) surging 16 per cent to 74.4p, and First Quantum Minerals (LSE: FQM) ahead seven per cent at 3,167p on second quarter results. One the downside Eurasian Natural Resources Corporation (LSE: ENRC) dropped 14 per cent to 969p, Aricom (LSE: ORE) was off 13 per cent at 42.05p, and Kazakhmys (LSE: KAZ) fell six per cent to 1,173p as it upped its stake in ENRC to just over 25 per cent. This stake is...