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April 19, 2013, 12:09 p.m. EDT

ENRC rallies in upbeat London after bid talk

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By Sara Sjolin, MarketWatch

LONDON (MarketWatch) — Shares of Eurasian Natural Resources Corp. surged after bid talks on Friday, while the broader U.K. stock markets broke a five-day losing streak after banks and miners moved higher.

The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -0.38% rose 0.7% to close at 6,286.59, after spending the rest of the week mired in the red. On the week, the index closed out 1.5% lower, as worries that weak U.S. and China data signaled a slowdown in global growth.

U.K. mining firms in particular were among major decliners earlier in the week, but rebounded on Friday.

Shares of Eurasian Natural Resources Corp. soared 27%, after one of the miner’s founding shareholders Alexander Machkevitch said he is considering making a bid for the company.

Shares of Kazakhmys PLC /zigman2/quotes/208098927/delayed UK:KAZ +0.25% , which owns a 26% stake in ENRC, rallied 24%.


Cliffs Natural Resources Inc.
Mining firms rise in London on Friday.

Anglo American PLC /zigman2/quotes/201381512/delayed UK:AAL -0.62% rose 2.2%, after the miner said first-quarter output was higher across most commodities including copper, iron ore and diamonds.

Other mining firms were also moving higher. Fresnillo PLC /zigman2/quotes/201300065/delayed UK:FRES +2.85% gained 2.9%, Vedanta Resources PLC picked up 6.1% and heavyweight Rio Tinto PLC /zigman2/quotes/208934945/delayed UK:RIO -0.15% /zigman2/quotes/200083756/delayed AU:RIO -0.84% /zigman2/quotes/202627887/composite RIO -2.03% added 1.5%. Metals prices were mixed.

Oil firms advanced, as oil prices rose on reports the Organization of the Petroleum Exporting Countries may hold an emergency meeting to discuss the recent slump in oil prices. BP PLC   /zigman2/quotes/207305210/composite BP -2.06% gained 1.1% and Royal Dutch Shell PLC /zigman2/quotes/204253697/delayed UK:RDSB +0.03%   /zigman2/quotes/207682964/composite RDS.B -1.52%  eked out a 0.5% gain.

Shares of luxury retailer Burberry Group PLC /zigman2/quotes/205386705/delayed UK:BRBY +0.58%   /zigman2/quotes/203108786/delayed BURBY +2.02%   climbed 1.4%, after Goldman Sachs added the firm to its conviction buy list “following significant share price underperformance in a period when business fundamentals remain robust.”

Banks were among other notable gainers, rising with the broader European financial sector. HSBC Holdings PLC /zigman2/quotes/203901799/delayed UK:HSBA +1.14% /zigman2/quotes/202687335/delayed HK:5 0.00% added 2.4%, Royal Bank of Scotland Group PLC gained 2.4% and Standard Chartered PLC /zigman2/quotes/200125072/delayed UK:STAN -0.02% climbed 0.9%.

On a more downbeat note in London, Tesco PLC /zigman2/quotes/203761082/delayed UK:TSCO -0.57%   /zigman2/quotes/207784767/delayed TSCDY +0.99%  lost 0.7%, after Standard & Poor’s Ratings Services cut the supermarket retailer’s credit rating to BBB+ from A-.

“We believe that, in light of currently difficult industry conditions, U.K.-based retailer Tesco PLC will continue to see a trend of weaker profitability and top-line pressure,” the analysts said.

Outside the major index, shares of Spectris PLC /zigman2/quotes/204153035/delayed UK:SXS -1.02%  sank 14%, after the engineering firm lowered its revenue forecast for 2013.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,339.02
-23.91 -0.38%
Volume: 220,844
Nov. 27, 2020 11:22a
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/zigman2/quotes/208098927/delayed
UK : U.K.: London
639.60 p
+1.60 +0.25%
Volume: 185,630
Nov. 27, 2020 11:19a
P/E Ratio
7.33
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1.40%
Market Cap
£2.97 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201381512/delayed
UK : U.K.: London
2,252.50 p
-14.00 -0.62%
Volume: 456,925
Nov. 27, 2020 11:22a
P/E Ratio
16.86
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2.49%
Market Cap
£28.45 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201300065/delayed
UK : U.K.: London
1,119.50 p
+31.00 +2.85%
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P/E Ratio
52.36
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Market Cap
£8.01 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
4,894.00 p
-7.50 -0.15%
Volume: 579,280
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P/E Ratio
13.98
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6.07%
Market Cap
£82.49 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 102.00
-0.86 -0.84%
Volume: 1.11M
Nov. 27, 2020 4:10p
P/E Ratio
15.54
Dividend Yield
5.55%
Market Cap
$150.17 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 66.28
-1.37 -2.03%
Volume: 2.92M
Nov. 25, 2020 7:00p
P/E Ratio
14.99
Dividend Yield
5.82%
Market Cap
$110.38 billion
Rev. per Employee
$852,406
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/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 21.41
-0.45 -2.06%
Volume: 14.15M
Nov. 25, 2020 7:00p
P/E Ratio
N/A
Dividend Yield
8.73%
Market Cap
$71.98 billion
Rev. per Employee
$3.99M
loading...
/zigman2/quotes/204253697/delayed
UK : U.K.: London
£ 1,299.20
+0.40 +0.03%
Volume: 1.97M
Nov. 27, 2020 11:22a
P/E Ratio
N/A
Dividend Yield
0.04%
Market Cap
£103.31 billion
Rev. per Employee
£3.21M
loading...
/zigman2/quotes/207682964/composite
US : U.S.: NYSE
$ 34.89
-0.54 -1.52%
Volume: 5.16M
Nov. 25, 2020 7:00p
P/E Ratio
N/A
Dividend Yield
5.48%
Market Cap
$138.24 billion
Rev. per Employee
$4.11M
loading...
/zigman2/quotes/205386705/delayed
UK : U.K.: London
1,729.50 p
+10.00 +0.58%
Volume: 267,379
Nov. 27, 2020 11:22a
P/E Ratio
339.78
Dividend Yield
0.00%
Market Cap
£6.90 billion
Rev. per Employee
£250,748
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/zigman2/quotes/203108786/delayed
US : U.S.: OTC
$ 22.98
+0.46 +2.02%
Volume: 24,186
Nov. 25, 2020 3:51p
P/E Ratio
362.38
Dividend Yield
2.17%
Market Cap
$9.24 billion
Rev. per Employee
$318,425
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/zigman2/quotes/203901799/delayed
UK : U.K.: London
402.40 p
+4.55 +1.14%
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Nov. 27, 2020 11:22a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£81.12 billion
Rev. per Employee
£314,521
loading...
/zigman2/quotes/202687335/delayed
HK : Hong Kong
HK$ 42.00
0.00 0.00%
Volume: 48.92M
Nov. 27, 2020 4:09p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
HK$841.39 billion
Rev. per Employee
HK$3.14M
loading...
/zigman2/quotes/200125072/delayed
UK : U.K.: London
461.10 p
-0.10 -0.02%
Volume: 1.45M
Nov. 27, 2020 11:21a
P/E Ratio
13.12
Dividend Yield
0.00%
Market Cap
£14.83 billion
Rev. per Employee
£229,637
loading...
/zigman2/quotes/203761082/delayed
UK : U.K.: London
226.40 p
-1.30 -0.57%
Volume: 8.03M
Nov. 27, 2020 11:22a
P/E Ratio
20.00
Dividend Yield
4.28%
Market Cap
£22.41 billion
Rev. per Employee
£157,770
loading...
/zigman2/quotes/207784767/delayed
US : U.S.: OTC
$ 9.18
+0.09 +0.99%
Volume: 70,978
Nov. 25, 2020 3:54p
P/E Ratio
21.26
Dividend Yield
3.99%
Market Cap
$29.98 billion
Rev. per Employee
$201,428
loading...
/zigman2/quotes/204153035/delayed
UK : U.K.: London
2,623.00 p
-27.00 -1.02%
Volume: 26,547
Nov. 27, 2020 11:20a
P/E Ratio
14.09
Dividend Yield
2.48%
Market Cap
£3.09 billion
Rev. per Employee
£188,809
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Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.

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