Stock market live Nov 5: Top gainers – Weir Group, Bunzl, GlaxoSmithKline

Written on:November 5, 2012
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Mining

Mining stocks see red today due to weak Chinese economic data

The UK stocks fell sharply this morning to 5,830.18, down 0.65%, owing to the mixed reaction to Chinese economic data, caution ahead of the presidential elections in the US and a parliamentary vote on austerity measures in Greece.

The HSBC China services sector purchasing managers’ index (PMI) dropped from a four-month high of 54.3 to 53.5 in October, contrasting with the official services PMI from the National Bureau of Statistics this weekend, which rose from 53.7 to 55.5.

Mining stocks were in the red this morning as investors took time to digest the economic figures from China. Vedanta, Rio Tinto, Kazakhmys, ENRC, Fresnillo and Antofagasta were all registering losses in the opening hour this morning.

HSBC, the banking giant, was in trouble after reported pre-tax profit fell from $3.7bn (£2.3bn) to $3.5bn (£2.1bn) in the third quarter. As well as further provisions for PPI redress, third-quarter results included an additional provision of $800m (£501m) in relation to the ongoing anti-money laundering investigation in the US.

Engineering group Weir was on an upswing after saying that it is set to deliver double-digit profit growth this year despite weak order inputs and a slowdown in growth in the third quarter. Insurance goliath Prudential fell after entering into a long-term exclusive bancassurance partnership in Thailand with Thai firm Thanachart Bank.

The UK stock market top gainers this morning are Weir Group 1,815.00p +3.66%, Bunzl 1,028.00p +1.28%, GlaxoSmithKline 1,376.00p +1.06%, Associated British Foods 1,377.00p +0.51%, Tesco 325.50p +0.23%, Smith & Nephew 639.00p +0.16%, Severn Trent 1,558.00p +0.06%, and Morrison (Wm) Supermarkets 263.90p +0.04%.

The UK stock market top losers this morning are ITV 86.95p -2.85%, Vedanta Resources 1,133.00p -2.33%, Kazakhmys 718.00p -2.31%, Eurasian Natural Resources Corp. 326.60p -2.07%, Antofagasta 1,288.00p -2.05%, Rio Tinto 3,150.50p -1.98%, Fresnillo 1,882.00p -1.98%, Aggreko 2,161.00p -1.64%, HSBC Holdings 616.90p -1.47%, and Aviva 333.70p -1.45%.

Related:
Stock market live Nov 2: Top gainers – Aberdeen, Tullow Oil, Schroders
Stock market live Nov 1: Top gainers-BT Group, Lloyds, BSkyB

     

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