The UK stock market was in a celebratory mood today at 5,905.33, up 0.35%, with Barack Obama’s re-election as the 45th President of the USA. A surge in metal prices led to an eight-month high of 5,921 in intraday trade, which is the UK stock market’s highest level since March 19 when it reached 5,961.
Mining stocks boosted the UK stock market today, tracking commodities prices higher as the dollar declined after Obama’s win. Obama’s re-election has sparked speculation that under his leadership easy money policy would continue, causing the greenback to fall early on and dollar-denominated metal prices to rise as a result. The focus will also shift later in the day to the Greek parliamentary vote on austerity measures.
Gold prices neared a two-week high leading Polymetal to become the top gainer this morning. Vedanta was also rose after announcing that half yearly profit before tax increased to $1,059.4m from $916.2m the year before, on revenue which rose 14% to $7,451.9m from $6,552.6m.
Randgold Resources fell after reporting that production fell behind the previous quarter’s record levels due to grid power supply problems at its Tongon mine and processed lower grades at Gounkoto.
International services giant Serco surged, despite a downgrade by Invesec to ‘sell’, after buying out its 15-year joint venture partner in Australian defence and marine services business DMS Maritime Pty Ltd for £68m.
The top gainers at the UK stock market today are Polymetal International 1,142.00p +2.79%, Serco Group 586.50p +2.09%, Schroders 1,615.00p +2.02%, Hargreaves Lansdown 781.00p +1.89%, Aberdeen Asset Management 341.80p +1.64%, Melrose 256.10p +1.63%, Pearson 1,260.00p +1.61%, Smith & Nephew 655.00p +1.55%, Wolseley 2,804.00p +1.37%, and Intertek Group 2,905.00p +1.33%.
The top losers at the UK stock market today are Randgold Resources Ltd. 7,105.00p -4.31%, Marks & Spencer Group 392.70p -1.50%, Pennon Group 703.50p -1.40%, Admiral Group 1,043.00p -0.95%, International Consolidated Airlines Group SA 173.40p -0.91%, BG Group 1,087.50p -0.87%, Glencore International 344.40p -0.83%, Xstrata 987.50p -0.80%, CRH 1,195.00p -0.75%, and Eurasian Natural Resources Corp. 314.90p -0.63%.