Along with blue-chip shares, stocks of British Airways performed well on Tuesday with 1.7% rise. The mining firms and insurance companies drove the market performance of the day and helped keep the market balanced. Kazakhmys was the second highest blue-chip riser, up 1.9%, as BofA Merrill Lynch upgraded a neutral recommendation.
A deal involving British Airways and the Unite union to avert a strike by ground staff at major UK airports came to a satisfactory conclusion and prevented the British Airways stocks from falling. The strike would have hit the stocks tremendously as it might have shut six British Airports (including major ones like Stansted), intermitting the holiday plans of the travelers; but was warded off on time.
Cairn Energy, which had risen over 5% in the previous trade, was the top loser with down 1.3% whereas Vedanta Resources Plc gained about 5% after entering into a$9.6 billion takeover deal with Cairn Energy. The 20% stakeholder of the deal- Sesa Goa was also down about 4 % on the NSE (India).
Mining sector remained strong on a bullish broker’s estimation of the market growth which can get stronger with China’s demand for consumer goods over growth prospects in Britain, the U.S. and Japan.
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