Barratt Developments gains 12 percent on talks rumors

| June 20, 2008
Barratt Developments gains 12 percent on talks rumors

The FTSE 100 was down 1.53 percent on the session to 5,620.8 and the FTSE 250 dropped 0.91 percent to 9,361.1.

These declines came even though some homebuilders saw gains despite predictions of lower house prices, led by Barratt Developments (LSE: BEDV), which added 12 percent on the session on rumors that it is talks to arrange to refinance some of its debt.

European markets were also lower on the session, with only two winners each on Frankfurt’s Dax and on the Paris CAC-40.

The FTSE Eurofirst 300 was down 1.63 percent to 1,224.5 while Madrid’s IBEX was 1.37 percent lower to 12,412.5, the CAC-40 fell 1.79 percent to 4,509.27 and the Dax dropped 2.12 percent to 6,578.44.

Markets in the Asia-Pacific region were mostly lower on declines in commodities prices, with miners and banks seeing declines.

Despite declines for Chinese airlines after fuel prices were raised by the government there, the Shanghai Composite bucked the declines by gaining 3.01 percent to 2,831.74, while the trend to losses was also overcome by a gain of 0.31 percent to 3,001.81 by the Straits Times Index.

The Hang Seng dropped 0.23 percent to 22,745.6 in Hong Kong, while the Kospi was down 0.56 percent to 1,731, while in Australia the Sydney Ordinaries fell 1.46 percent to 5,411.8 and the S&P/ASX200 was down 1.46 percent to 5,288.3.

Taiwan’s Taiex was 1.81 percent lower to 7,902.44 while in India the Sensex dropped 3.42 percent to 14,571.29.

In Tokyo, the Nikkei 225 fell 1.33 percent to 13,942.08, the Topix index was 1.37 percent lower to 1,356.74, and the Mothers market of small and mid-caps dropped 1.42 percent to 597.16.

New York equities markets were lower in early afternoon trade.

At just past 1 p.m. in New York, the Dow Jones Industrial Average was down 1.03 percent to 11,938.76 while the Nasdaq Composite was 1.87 percent lower to 2,416.14 and the S&P 500 had dropped 1.15 percent to 1,327.33.

Crude oil prices were higher, while metals prices were mixed and grains prices fell on the session.

The pound was weaker versus the euro but gained on the US dollar, which was itself weaker on reduced expectations of an interest rate increase by the Federal Reserve at least for the next few months.

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