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London open: subdued start as markets await influx of data

Your Money
Written By:
Your Money
Posted:
Updated:
14/08/2013

After a strong performance over the last week, mining stocks were among the heaviest fallers this morning as metals prices edged lower.

ENRC fell as it reported a decline in revenue after trading was hit by poor pricing environment, higher finance costs, increased effective tax rate and impairments at Boss Mining.

Sector peers Rio Tinto, Anglo American, Antofagasta and Vedanta were also lower this morning. Even Glencore Xstrata was lower despite reporting a 20% increase in copper production in the first half to 673,400 ounces.

Barclays gained despite confirming reports financial director Chris Lucas will step down this week for health reasons. Lucas was due to depart the company on February 28th 2014 but said he had to bring the date forward.

Pharmaceutical group GlaxoSmithKline was a high riser today after JPMorgan Cazenove raised its recommendation on the shares to ‘neutral’. The broker said that the upside from upcoming catalysts balances out earnings risk.

Comments from broker Nomura were also helping the share price of IAG early on after it raised its target price saying that the company shows the “best restructuring momentum” in the European airline sector.

Oil major Shell was trading lower after going ex-dividend, though downside was limited after Barclays Capital upgraded its rating on the stock to ‘overweight’ saying that it remains “our preferred ‘MegaCap’ stock”. Beverage groups Diageo and SABMiller were also down after going ex-dividend today.

Source: ShareCast