Mining stocks led the recovery in stock markets - that was certainly the case with the FTSE 100 anyway. This index only tracks companies listed for at least 12 months on TSX, NYSE, NASDAQ.Its interesting to compare this bigger picture with that of the Wilshire and Dow as I did yesterday. Some might argue that 'its all gold' and the of the 107 companies in this index 36 are indeed gold miners but their weighting is small - 17.7%. Diversified metals and mining is the largest weight -39 companies, 59.7% of the index.
Interesting to note that this index did not have an April 2010 high - it didn't have a March 09 low either, having reached its low in the back end of 08. It's recovery high came in Jan, three months before the mainstream equity Indices. It also looked like it was going to roll over perfectly until very recently but has now taken out the Jan high and (for now at least) appears to be well on its way to a rendezvous with its previous peak in May 2008.
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