By Benjamin Chiou
Date: Friday 29 Jun 2012
LONDON (ShareCast) - Industrial metals and mining companies advanced on Friday afternoon with stocks gaining nearly seven per cent on average as commodities prices advanced on the back of developments in the Eurozone.
Markets across Europe celebrated this morning what most experts consider to have be surprising 'breakthrough' agreements from the first day of the European Council summit. The agreements include the ESM being able to directly recapitalise banks.
The news prompted a relief rally in the euro/dollar. As such the dollar was lower on the back of increased risk appetite, with the dollar index (which measures the greenback against a basket of six other currencies) trading down 1.44% on the day. This meant that the price of dollar-denominated commodities such as copper pushed higher.
Among the best performers in the sector was Talvivaara Mining, Evraz, Zanaga Iron Ore, London Mining and Ferrexpo.
Vodafone was one of the few stocks on the FTSE 100 registering losses today after Jefferies downgraded its rating from 'buy' to 'hold'. The telecoms sector was the only sector in the red.
The European smartphone market for Vodafone is not delivering pricing power, according to the broker, which says that customers "are not trading up". "Vodafone continues to gain share but the risk of more concerted [competitor] fight-backs is increasing."
The broker said that Vodafone's margin guidance is too optimistic and too reliant on commercial costs coming down. It also said that the group's heavy reliance on Verizon Wireless dividends is "unhealthy".
Vodafone announced today new roaming rates, including internet access, for people travelling to Europe for their summer holidays. Customers in a host of markets - including the UK, Turkey, Italy and Spain - will be able to pay a daily fee of €3 or €4 and retain their normal pay monthly allowances.
Mobile providers have been under pressure to reduce the cost of roaming by the EU commission which believes many of the current price plans violate the idea of the “single market”.
Top performing sectors so far today
Industrial Metals & Mining 2,865.09 +6.98%
Construction & Materials 3,477.92 +6.38%
Automobiles & Parts 4,250.60 +4.30%
Industrial Engineering 6,754.60 +3.84%
Mining 17,667.28 +3.77%
Bottom performing sectors so far today
Mobile Telecommunications 4,159.13 -0.70%
BC
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Currency | UK Pounds |
Share Price | 7.50p |
Change Today | -0.12p |
% Change | -1.57 % |
52 Week High | 17.45 |
52 Week Low | 3.80 |
Volume | 236,260 |
Shares Issued | 644.99m |
Market Cap | £48.37m |
Value |
---|
Price Trend |
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Income |
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Growth |
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No dividends found |
Time | Volume / Share Price |
13:35 | 17,085 @ 7.65p |
11:59 | 50,000 @ 7.59p |
11:42 | 35,000 @ 7.59p |
10:04 | 252 @ 7.36p |
10:01 | 5,000 @ 7.80p |
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