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FTSE 100 supported by Vedanta and Xstrata PDF Print E-mail
Written by Sam Coventry   
Monday, 16 August 2010 13:21

The mining sector hosted some of the morning’s leading risers, as Credit Suisse issued a note that said that China is on the cusp of a rebound after nearly a year of sharp slowing.


The FTSE 100 (INDEXFTSE:.FTSE) is 0.47% lower at 5,250.53 at 2PM in London.

It has been a subdued day for the FTSE 100, but further losses were checked by the likes of Vedanta Resources Plc (LON:VED) and Xstrata Plc (LON:XTA).

"Merger activity in the mining sector lay behind early gains in the FTSE 100. Indian mining firm Vedanta Resources announced that it will purchase a majority stake in Cairn Energy’s Indian unit, Cairn India. Vedanta will buy between 51% and 60% of the division for around $8.5 billion - $9.6 billion in cash," says Anthony Grech at spread betting providers IG Index. 

Edinburgh-based Cairn Energy said that the deal would provide it with cash to fund exploration and drilling programmes in areas such as Greenland.

Xstrata shares are 0.69% higher at 1002.

Vedanta Resources shares are 4.04% higher at 2136.

"The mining sector hosted some of the morning’s leading risers, as Credit Suisse issued a note that said that China is ‘on the cusp of a rebound after nearly a year of sharp slowing," says Grech.

Elsewhere insurer Aviva continued to be dogged by speculation regarding possible bids, despite its rejection of an offer worth £5 billion from rival RSA.

Aviva said the approach, which would have seen its British, Irish and Canadian businesses sold to RSA, was not in the best interests of its shareholders, adding that the offer had been rejected unanimously by the board.

However, reports in the Sunday papers pointed towards disquiet among Aviva’s shareholders, with the Telegraph saying that the lack of discussion with shareholders risked damaging Aviva’s relationship with investors and the Sunday Times claiming that rebel shareholders will meet during the coming week to examine a potential break-up of the insurance giant.

Oriel Securities said that the offer had merely increased the focus on the insurer’s understated value; Oriel noted that the £5 billion offer was almost half Aviva’s current market capitalisation of £11 billion.
Last Updated on Monday, 16 August 2010 13:24
 

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