Metals stocks surge in trade; CNX Metal index up 4 %
DSIJ Intelligence / 01 Nov 2016
Broad based rally is being witnessed in all the metal stocks owing to positive economic data emanating out of China. CNX Metal index was trading up by more than 4 per cent.
Broad based rally is being witnessed in all the metal stocks owing to positive economic data emanating out of China. CNX Metal index was trading up by more than 4 per cent.
Chinese stocks were trading higher after the release of encouraging purchasing managers index data from China. Metal and mining stocks have risen after the release of PMI data. China is the world's largest consumer of steel, copper and aluminium.
Reacting to this development all the major metal stocks were buzzing in trade with the likes of Vedanta (up 9%), Orissa Mineral (up 8.66%), Hindustan Zinc (up 7.80%), Hindalco Industries (up 5.58%), NMDC (up 4.70%) and Tata Steel (up 4.20%).
Metal stocks have been one of the best performing stocks owing to improving economic data from major economies plus aided by an improvement in pricing of metals.
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