FLSmidth Gains as Chinese Manufacturing Rises: Copenhagen Mover
FLSmidth & Co. A/S (FLS), the Danish maker of mining equipment and cement production plants, rose the most in a week in Copenhagen trading on bets an increase in Chinese manufacturing will lead to more orders.
FLSmidth advanced as much as 1.9 percent, the most since Aug. 26. The shares advanced 1.2 percent to 311.40 kroner at 10:19 a.m. in the Danish capital with trading volume at 24 percent of the three-month daily average.
“FLSmidth is one of the stocks that should do well on the Chinese manufacturing data,” Nordea Private Banking, a unit of Stockholm-based Nordea Bank AB, said in a note to clients today.
China’s manufacturing purchasing managers’ index, the official government measure of factory output, rose to 51 in August, beating the median estimate of economists in a Bloomberg survey and rising from 50.3 in July. HSBC Holdings Plc and Markit Economics issued the final reading of a separate private gauge today that confirmed initial figures showing the biggest jump in three years for China.
FLSmidth has increased local production in China, the world’s biggest consumer of cement and the Copenhagen-based company’s most important growth market for mining equipment.
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