So far, today has been a good day to be invested in mining companies if you’re in Europe.
Four major mining companies, AngloAmerican, Rio Tinto, Antofagasta, and BHP Biliton are among the five biggest gainers on the FTSE 100, and are all up by more than 4.5% as of 10.30 a.m. (5.30 a.m. ET).
AngloAmerican is the best performer, with shares rising by over 10% so far today. Rio Tinto is up around 7%, while Antofagasta and BHP are seeing their gains hovering around 4-5%.
The awesome performance that these mining companies are seeing has been helped by Morgan Stanley changing their rating on European miners to “overweight” overnight. Morgan Stanley has been encouraging investors to be more excited about commodities and European mining firms, citing stabilisation in China, and good valuations, as reasons to invest.
Mining stocks were also buoyed by price jumps in metals on New York’s Comex in trading yesterday. Gold and copper saw the biggest gains, while palladium and platinum also rose.
The mining industry’s troubles have been massive in recent times. Glencore, the Anglo-Swiss commodities firm, has been enduring a rollercoaster in recent months. Last week it lost nearly a third of its share price, before recovering the losses over the week. However, this morning’s gains for miners could signal the start of a recovery for the industry.
Elsewhere in Europe, another mining company, Arcelormittal, the French giant chaired by India’s richest man Lakshmi Mittal, is the best performer on the CAC40.
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