European stocks gained, snapping the longest losing streak in two months, as a basic resource and raw materials producers climbed by Land Securities Group Plc (LAND) reported increased property value. Asian stocks and U.S. futures rose.
Antofagasta Plc and Kazakhmys Plc advanced more than 2 percent as copper rallied in London trading. Land Securities, the largest of the UK real estate investment trust, rose 6.1 percent. Yara International ASA (YAR), the world’s largest publicly traded nitrogen fertilizer maker, rose 3 percent as high corn prices in Chicago.
The Stoxx Europe 600 index rose 0.4 percent to 278.41 at 8:58 pm in London, climbing for the first time in five days. The benchmark gauge has still lost 4.4 percent this year high on Feb. 17 when a selloff in commodities and renewed concern that Europe’s debt crisis could derail economic recovery overshadowed corporate profits.
“There is a sharp move higher for equities this morning,” said Manoj Ladwa, a senior trader at ETX Capital in London. “A strong set of results from Land Securities has pushed the REITs to the top of the standings, while copper trading back above $ 400 is the buoys of the miners.”
The MSCI Asia Pacific Index climbed 1.1 percent today, snapping a four-day decline, amid takeover speculation in the media industry in Australia and after Tokyo Electric Power Co. presented a detailed plan for stabilizing the earthquake damaged nuclear power plant. Standard & Poor’s 500 Index futures rose 0.5 percent.
BOE Minutes
The Bank of England is due to the minutes of May 5-disclosure policy decision at 9:30 in London today, which will show if a four-way split on officials. The Federal Reserve will release minutes of monetary policy meeting last month after the close of European trade.
Antofagasta, the copper producer controlled by Chile’s Luksic family, gained 2.5 percent to 1,203 pence as base metals advanced on the London Metal Exchange. Kazakhmys, Kazakhstan’s largest copper company, rose 3.5 percent to 1,259 pence and Vedanta Resources Plc rose 2.1 percent to 2,142 pence.
Eurasian Natural Resources Corp. rallied 4.5 percent to 843 pence after Citigroup Inc. upgraded the producer of metals in Kazakhstan to “buy” from “account.”
Land Securities
Land Securities climbed 7.3 percent to 802 pence, the biggest gain since August 2009, after reporting a 14 percent increase in annual net income to 1.24 billion pounds ($ 2,000,000,000) and the value of its property increased. That beat analysts expected profit of around 979 million pounds, according to a Bloomberg survey.
British Land Co., the second largest REIT in the UK, advanced 5.5 percent to 610 pence and Hammerson Plc (HMSO), the third largest, rallied 4.3 percent to 484.3 pence.
Yara rallied 3.2 percent to 309.2 crowns after the price of corn advanced to fifth day in Chicago, the longest winning streak since December. The company also announced new seasonal nitrate prices in Europe, that are effective for all new supplies and until further notice.
Rival K + S AG rose 1.5 percent to 53.37 euros in Frankfurt, while Syngenta AG (SYNN) rose by 1.3 percent to 291.1 pence.
Deutsche Telekom AG (DTE) advanced 1.6 percent to 10.53 euros after Merrill Lynch Global analysis of BofA shares upgraded to “buy” from “neutral.” Citigroup also recommended largest manager of Germany, said the stock will be driven by sales of its T-Mobile USA Inc. unit.
source:bloomberg
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