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Thursday 25th of September 2008
June 18, 2008

Royal Dutch Shell, BP down on recent oil price declines


by Elaine Frei
Royal Dutch Shell, BP down on recent oil price declines

In London on Wednesday, the FTSE 100 fell 1.79 percent to 5,756.9 while the FTSE 250 dropped 1.94 percent to 9,534.8.

The oil sector was down on declined in oil prices, led by Royal Dutch Shell (LSE: RDSA, RDSB; NYSE: RDS.A, RDS.B) and BP (LSE: BP; NYSE: BP; TYO: 5051; TSX: BP.U), while the real estate sector was down on a downgrade for the entire sector from Credit Suisse (SWX: CSGN; NYSE: CS).

Equities were also down in the rest of Europe.

The FTSE Eurofirst 300 was down 1.47 percent to 1,250.2, with Frankfurt’s Dax falling 0.99 percent to 6,728.91 as the Paris CAC-40 was 1.44 percent lower to 4,618.75 and the IBEX dropped 1.97 percent to 12,631.5.

Gains in metals prices once again helped equities markets in the Asia-Pacific region higher Wednesday.

The main exception to the gains came in India, where the Sensex dropped 1.75 percent to 15,422.31; otherwise, the Taiex added 0.19 percent to 8,217.58, the Straits Times Index was up 0.39 percent to 3,040.09, the Hang Seng was 1.16 percent higher to 23,325.8, South Korea’s Kospi index gained 1.34 percent to 1,774.13, and the Shanghai Composite jumped 5.24 percent to 2,941.12.

In Australia, the S&P/ASX200 was 0.38 percent higher to 5,443.2 while the Sydney Ordinaries added 0.44 percent to 5,550.3.

Tokyo’s markets were also higher on the session, with the Nikkei 225 adding 0.73 percent to 14,452.82 while the Topix index was up 0.55 percent to 1,409.64 and the Mothers market gained 0.69 percent to 621.78.

New York equities markets were lower in mid-afternoon trade, with the Dow Jones Industrial average down 1 percent to 12,038.99 at just past 2 p.m.

At the same time, the Nasdaq Composite had dropped 1.08 percent to 2,431.18 and the S&P 500 was 0.94 percent lower to 1,338.2.

After being lower for most of the session, crude oil prices were up at the close in New York, while metals prices were higher and grains prices were mixed.

The yen and the pound both weakened on interest rate speculation.

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