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Epic & Msn data

Epic	ASX
Time:	16:16:00
Mid Price:	2609.56
Change Today:
Change % Today:
Fifty Two Week High:
Fifty Two Week Low:
Market Capital:

Period & price data

Period	Price
Now:	2609.56
3 Months ago:
6 Months ago:
1 Year ago:

Additional information

Additional	Information
Market:	All Share Index
Sector:	General Mining
Epic:	ASX
News:	Latest news
Web Site:	UK Market Wrap
Other Articles:	09-02-201009-02-201009-02-2010

Xstrata, Rio, Vedanta and BHP climb as Copper and Nickel rise, but FTSE 100 stays flat

Overview: the UK stock market was off to a quiet start as the FTSE 100 added less than 10 points in early trade with most blue chips showing little movement. British Airways (LSE: BAY) was the leading faller after being downgraded to “sell” from “hold” by Deutsche Bank ahead of its quarterly results, saying its merger plans with Iberia and anti-trust immunity with American Airlines were at risk. These comments came after the European Commission told BA, American Airlines and Iberia that they may have to cut take-off and landing slots for the merger to proceed.

Pharmaceutical company Shire (LSE: SHP) was the leading riser in the blue chip index after the FDA confirmed its new medicine was entitled to five years of exclusivity in the US market Shire gained 2.5%, as did telecom group Cable & Wireless (LSE: CW), which has revived plans for a £3.6 billion demerger of its corporate telecoms division and its international business CWI.

Stock index futures in the US inched higher in the morning in anticipation of the Dallas Fed Manufacturing survey due in the morning US time and Q3 results from a number of companies including Verizon (NYSE: NZ), Corning Incorporated (NYSE: GLW) and McGraw Hill (NYSE: MHP). National Oilwell Varco (NYSE: NOV) is also set to report today, following fellow oil and gas service company Schlumberger (NYSE: SLB), which released its quarterly figures last week, and ahead of what is going to be a busy reporting week in the oil and gas sector with BP (LSE: BP), Shell (LSE: RDSB), ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX) and Conoco Philips (NYSE: COP).

Commodities

Oil prices were slightly lower from Friday’s levels with December Brent Crude shedding a few cents to move down to US$78.79/barrel, while US light, sweet crude climbed back to US$80.40/barrel after slipping below US$80 earlier.

Supermajors BP (LSE: BP) and Shell (LS: RDSB), which are both due to report their quarterly results this week, rose slightly, adding 1% and 0.5% respectively. BG Group (LSE: BG) was flat, while Tullow Oil (LSE: TLW) added less than 1%.

Cairn Energy (LSE: CNE) headed in a different direction, posting losses of 1%, while Petrofac (SLE: PFC) declined marginally.

Midcaps were in decline in early trade. Heritage Oil (LSE: HOIL) was at the bottom of the pile with a 1.5% loss, while Dragon Oil (LSE: DGO) and Dana Petroleum (LSE: DNX) declined marginally.

Mongolia-focused Petro Matad Ltd (AIM: MATD) and Eastern Europe focused junior Aurelian Oil & Gas (AIM: AUL), which unveiled a new strategy today, led the juniors, rallying 24% and 16% respectively.

Africa and FSU operating oil and gas junior Victoria Oil & Gas (AIM: VOG), which released an update on its operations in Cameroon and Russia today, was among the leading fallers with a 7% loss.

Precious metals

Gold and Silver declined slightly, moving down to US$1,053/oz and US$17.60/oz respectively. Platinum held on to US$1,359/oz.

Major mining stocks did not show much movement in early trade. Gold producer Randgold Resources (LSE: RRS) declined marginally, as did specialty chemicals firm Johnson Matthey (LSE: JMAT). Platinum miner Lonmin (LSE: LMI) did better, posting small gains, while silver miner Fresnillo (LSE: FRES) outperformed fellow blue chips with a 1.5% climb.

Aquarius Platinum (LSE: AQP) was the top performer among the midcaps with a 2.2% improvement. Gold miner Petropavlovsk (LSE: POG) rose marginally, while silver producer Hochschild Mining (LSE: HOC) was flat.

Commodity asset development company Mercator Gold (AIM: MCR) and Western Australia operating Norseman Gold (AIM: NGL) led the sector with gains of over 8%. Philippines focused gold producer Medusa Mining (AIM&ASX: MML) rose 5%.

Philippines focused diversified miner Metals Exploration (AIM: MML), African focused nickel and gold exploration and development junior Nyota Minerals (ASX&AIM: NYO) and Australian gold and copper prospector Solomon Gold (AIM: SOLG) were in selling mode, moving down 6%, 5% and 4% respectively.

Fiji focused gold miner Vatukoula Gold Mines (AIM: VGM) and nickel and platinum focused Australia and South Africa operating miner Braemore Resources (AIM: BRR) both lost about 3%.

Base metals

Copper and Nickel showed slight improvement from Friday’s levels, rising to US$3.02/pound and US$8.72/pound respectively. Zinc rose to US$1.05/pound.

Base metals focused blue chips were little moved in the morning. Anglo American (LSE: AAL), Kazakhmys (LSE: KAZ) and Antofagasta (LSE: ANTO) were flat, while Xstrata (LSE: XTA), Rio Tinto (LSE: RIO), Vedanta Resources (LSE: VED) and BHP Billiton (LSE: BLT) rose marginally.

Eurasian Natural Resources (LSE: ENRC) went against the time, sliding 1.4%.

London's only listed pure iron ore producer and FTSE 250 constituent, Ferrexpo (LSE: FXPO) also lost more than 1%.

Indonesia operating coal miner Churchill Mining (AIM: CHL) led the juniors, climbing 4% after announcing a maiden reserve of 956 million tonnes of in-situ coal for its East Kutai coal project.

Iron ore focused investor Red Rock Resources (AIM: RRR), copper and nickel explorer Regency Mines (AIM: RGM) and mineral sands producer Kenmare Resources (LSE: KMR) moved in the opposite direction, shedding 3-4%.
Zinc mining and recycling specialist ZincOX (AIM: ZOX) also lost 3%.

Banks, insurance, private equity

With the exception of Standard Chartered (LSE: STAN), which added 1.3%, all financial stocks were in decline in the morning. Barclays (LSE: BARC) and HSBC (LSE: HSBA) declined marginally, while bailed out banks Lloyds (LSE: LLOY) and Royal Bank of Scotland (LSE: RBS) lost 4.5% and 2.8% respectively.

Insurers Friends Provident (LSE: FP), Old Mutual (LSE: OML) and RSA Insurance Group (LSE: RSA) managed to hold on to the opening levels, while Aviva (LSE: AV), Legal & General (LSE: LGEN), Prudential (LSE: PRU) and Standard Life (LSE: SL) lost less than 1%.

Private equity group 3i (LSE: III) was down 1.2%.

Small Cap Movers

Other notable movers among the small caps included emerging South African power producer IPSA Group Plc (AIM: IPSA) with a 10% rally.

Large and Mid Cap News

McBride Plc (LSE: MCB) released an Interim Management statement for the period from 1 July 2009 to 25 October 2009. In the statement the private label consumer goods manufacturer and distributor revealed that the group’s overall trading performance has exceeded the board’s expectations, with a 7% increase in group revenues.

Shire plc (LSE: SHP, NASDAQ: SHPGY) announced that the Food and Drug Administration (FDA), has affirmed its prior decision to grant five-year New Chemical Entity (NCE) exclusivity to lisdexamfetamine dimesylate. The treatment for Attention-Deficit Hyperactivity Disorder (ADHD) is currently marketed in the United States under the name VYVANSE®. The five-year exclusivity period for VYVANSE expires on February 23, 2012. VYVANSE is covered by United States patents which remain in effect until June 29, 2023.

Small Cap News

Avanti Communications Group plc (AIM: AVN) announced a contract win and major strategic partnership with Hughes Communications (Nasdaq: HUGH) subsidiary, Hughes Network Systems. According to Avanti, the deal aligns the company with a ‘powerful force’ to aid Avanti in filling the HYLAS ‘superfast’ broadband satellite, quickly through Europe.

Shares in Aurelian Oil & Gas (AIM: AUL) were lifted this morning by news of a gas sale agreement for its Siekierki field in Poland and encouraging results of testing the Voitinel-1 gas well at the Brodina concession in Romania. In yet another statement, the group outlined its strategy going forward following the recent management reshuffle.

Bluewater Bio International (AIM: BWB) announced that it has signed an exclusive representation agreement in South Africa with Headstream Water Holdings. The license agreement is for an initial three year period and the license can be extended for further two year periods in perpetuity if Headstream achieves certain sales targets.

Eco Animal Health Group (AIM: EAH) said its Aivlosin granules for oral solution for medicated drinking water for pheasants has secured approval from the European Madicines Evaluation Agency (EMEA), which will allow it to be marketed throughout the continent.

EMED Mining (AIM: EMED) updated investors on its activities over the past quarter, to the end of September 2009.  The European focused copper and gold exploration and development company said that the mining industry had continued to recover over recent months and as a result EMED’s projects have an increased economic importance in their respective regions.

Quadrise Fuels International (AIM: QFI) reported first revenues of £3.5 million from the sale of its MSAR oil in Lithuanian trials as its losses for the full year narrowed to £5 million from £22.5 million a year ago, which was in line with management expectations.

Caledon Resources Plc (AIM: CDN, ASX: CCD) released its quarterly operations report for the period ending 30 September 2009. The report affirmed that its primary mining activities remain on schedule to relocate and begin production at the new Argo pit bottom area of the Cook mine in January. Additionally the company re-iterated that discussions with potential acquirers are ongoing.

Provider of software and support services to financial and technology industries First Derivatives (AIM: FDP) has acquired New Jersey based software business Reference Data Factory (RDF) for up to £6 million to enhance the capabilities of its Delta software suite.

This morning, AIM listed software developer Intercede (AIM: IGP) released its latest identity and credential management system software suite, MyID® 8 Enterprise SR1. According to Intercede this latest version of the MyID system widens the scope of Intercede's target market.

Seeing Machines Ltd (AIM: SEE) said it has launched the TrueField Analyzer (TFA), a device for ophthalmic vision testing initially focused on the glaucoma market.  The TFA is available initially on limited release in the US. Following initial sales and independent clinical trials the company intends to pursue licensing the device to a medical devices Original Equipment Manufacturer.

Africa and FSU operating oil and gas junior Victoria Oil & Gas (AIM: VOG) is continuing its transition from an exploration to a development and production company, now armed with more funds to advance its operations in Cameroon, where the drilling of new appraisal wells is currently underway.

Berkeley Resources (AIM & ASX: BKY) announced that it has mobilised three diamond drilling rigs for the initial confirmatory drilling program at the Salamanca Uranium Project, Spain. The program plans to drill 5,000m over 60 holes.

Kalahari Minerals PLC (AIM: KAH) said Extract Resources Ltd (TSX, ASX: EXT), in which it holds 40.88 percent, has increased the exploration target for its Rossing South uranium deposit at the Husab project in Namibia to between 185 and 285 million pounds of triuranium octoxide (U3O8).

IP commercialisation company Fusion IP (LSE: FIP) noted the University of Sheffield’s last week’s announcement regarding its 22% owned modelling and simulation company Simcyp, which was ranked among the top 50 fast-growing UK companies by the Business XL magazine.

Chinese based provider of enterprise content management (ECM) GEONG International Limited (AIM: GNG) released an update ahead of its interim results, saying trading proceedings were in line with market expectations for the full year with an order book of £13.8 million at the end of September, up from last year’s £9.6 million and from £10.6 million in March.

Churchill Mining PLC (AIM: CHL) announced  its maiden reserve for the flagship East Kutai coal project (EKCP)  in Indonesia, in which it holds 75 percent, putting the JORC compliant probable in-situ reserve of 956 million tonnes of thermal coal. The news lifted shares in the group by nearly 5 percent in early London trade.

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