Miners Lead Global Markets
Source: Mineweb, Barry Sergeant (4/15/09)
"Among the top 100 mining stocks, by value, powerful investor portfolio flows have more recently seen funds driven heavily into Asian names. . ."
At the country level, the sharpest recoveries are displayed by Russia, as seen in the Micex Russia, with a bounce of 85% from lows, and China's CSI 300, now up by 67% from lows. Only marginal interest is being shown in broader commodity exposure. The Reuters/Jefferies CRB is only 13% above its recent lows; the Dow Jones AIG Commodity by a little less. Listed oil stocks have bounced by an average of only 39%; the S + P 500 Energy index is up by 30%, which appears modest alongside the bounces recorded by mining stocks.
Within the broader mining group, specialist copper stocks have posted the sharpest recovery with a meteoric rise of 167% from lows, followed by zinc miners (163%), gold miners (129%), and nickel specialists (124%). Strictly speaking, miners of primary silver are at the top of the pops, with a weighted average bounce of 193%, but that is a small subsector, with a global investable market value of $14bn.
Among the top 100 mining stocks, by value, powerful investor portfolio flows have more recently seen funds driven heavily into Asian names, dominated by Chinese miners. The world's biggest 100 miners currently display an aggregate market value of just over $1 trillion.