AQP leads miners higher in London

Equities markets were higher in Europe Thursday to end a holiday-shortened week.

In London, the FTSE 100 added 1.48 percent to 3,983.71 while the FTSE 250 gained 3.88 percent to 6,978.91 as banks and miners comprised the top five winners on the 100.

Vedanta Resources (LSE: VED) added 13 percent to top the 100, while Aquarius Platinum (LSE: AQP) led gains for miners as it added 18.07 percent on the 250.

Banks were higher after US bank Wells Fargo (NYSE: WFC) said it will likely report record profits in the first quarter and on an announcement from Barclays Bank (LSE: BARC; NYSE: BCS; TYO: 8642) that it has sold its iShares asset management component to CVC Capital Partners.

Barclays added 12.48 percent on the session while Royal Bank of Scotland (LSE: RBS; NYSE: RBS PRM) was up 11.11 percent and Lloyds Banking Group (LSE: LLOY) gained 10.88 percent.

Imperial Tobacco Group (LSE: IMT) had the worst day on the 100 as it dropped 3.59 percent.

Gains on the 250 were led by rental equipment company Ashtead Group (LSE: AHT) which was 20.67 percent higher.

Property developer and home builder Barratt Developments (LSE: BDEV) added 18.52 percent while pubs operator Enterprise Inns (LSE: ETI) gained 18.43 percent on the session.

The FTSE Eurofirst 300 was up 2.02 percent to 777.97 while the CAC-40 added 1.82 percent to 2,974.18, the Dax was 3.06 percent higher to 4,491.12 and the IBEX gained 3.57 percent to 8,704.8.

Deutsche Bank (FWB: DBK; NYSE: DB) led winners on the Dax as it added 10.1 percent while semiconductors manufacturer STMicroelectronics (Euronext: STM; NYSE: STM) had the best day on the CAC-40 with a gain of 7.62 percent.

Utilities were lower as GDF Suez (Euronext: GSZ, GSZB) led losers on the CAC-40 with a decline of 4.41 percent, followed closely by EDF (Euronext: EEN), which was 1.71 percent lower.

Steelmakers saw gains on the Dax as Salzgitter (FWB: SZG) added 7.42 percent and ThyssenKrupp (FWB: TKA; LSE: THK) gained 6.65 percent.

Asia-Pacific region markets were also higher on the session.

In Tokyo the Nikkei 225 was up 3.74 percent to 8,916.06 while the Topix index added 3.26 percent to 841.81 and the Mothers market gained 2.1 percent to 319.04.

Gains came on the announcement of a new stimulus plan in which the government plans to spend ¥15.4 trillion ($154.5 billion), more than had been expected.

The electronics sector saw gains on the news that the stimulus plan will likely include provisions to boost digital televisions.

Sony (TYO: 6758; NYSE: SNE) was up 7.8 percent while Panasonic (TYO: 6752) added 4.5 percent.

Carmakers were also higher as Toyota Motor (TYO: 7203; NYSE: TM; LSE: TYT) was 4.3 percent higher and Mitsubishi Motors (TYO: 7211) gained 2.1 percent.

Elsewhere in the region the Sensex was up 0.57 percent to 10,803.86 while the Shanghai Composite added 1.38 percent to 2,379.88 and in Australia the Sydney Ordinaries gained 1.4 percent to 3,617.5 while the S&P/ASX200 was 1.44 percent higher to 3,671.6.

The Straits Times Index added 2.5 percent to 1,828.51 while the Hang Seng was up 2.95 percent to 14,901.41, the Taiex was 4.12 percent higher to 5,667.8 and the Kospi gained 4.3 percent to 1,316.35.

In early afternoon trade in New York, the Dow Jones Industrial Average was 2.46 percent higher to 8,029.93 while the Nasdaq Composite added 3.18 percent to 1,641.31 and the S&P 500 had gained 2.62 percent to 398.72.

The gains came after Wells Fargo (NYSE: WFC) said it will likely post a first-quarter net profit of $3 billion and on reports that the US government will not ask for the closure of any banks due to weakness.

Wells Fargo was up 23.98 percent while JPMorgan Chase (NYSE: JPM) was 11.52 percent higher and Bank of America (NYSE: BAC) had gained 28.33 by early afternoon in New York.

In the retail sector, Wal-Mart (NYSE: WMT) was 3.36 percent lower on a smaller than expected increase in sales at stores open at least a year in March.

Story link: AQP leads miners higher in London