LONDON ( The Deal) -- European markets opened mixed this morning, with some marketplaces returning to trading for the first time after a long Christmas break.
London’s resources-focused FTSE100 index was up slightly, pushed up mining stocks. The miners took heart from forecasts of Chinese action to keep lending afloat in the new year, which might help to stabilize demand in their main export market.
Meanwhile, escalating violence in civil war-torn Libya helped support oil stocks. Brent crude rose to $60 a barrel this morning, after fire destroyed Libya’s main oil terminal. But oil is still down 48% since its peak last June, and the market isn’t expecting a turnaround any time soon.
Platinum and precious metals miner Fresnillo (FNLPF) was up 3.29% at 754 pence. Gold miner Randgold Resources (GOLD) - Get Barrick Gold Corporation (BC) Report was up 2.85% at 4,272 pence. General miner Rio Tinto (RIO) - Get Rio Tinto Plc Report was up 2.42% at 2,957.5. Oil major BP (BP) - Get BP p.l.c. Report was up 0.44% at 418.7 pence.
Also in London, recently privatized Royal Mail (ROYMF) rose 3.83% to 439.4 pence on the collapse into bankruptcy of its money-losing parcel delivery competitor City Link, owned by private equity firm Better Capital. City Link called in bankruptcy administrators from accountancy firm EY on Christmas Eve, and expects to lay off 2,700 people this week.
At 11:00 a.m. London time, the FTSE100 was up 0.37% at 6,622, while in Paris the CAC40 was down 0.19% at 4,288. In Frankfurt the DAX was 0.46% at 9,876. In Russia, Moscow’s MICEX Composite continued its recovery, up 2.23% , at 1,449, while in Japan, the Nikkei 225 closed down 0.5% at 17,729.84. China’s Shanghai composite closed up 0.37% at 3,169.13.