Kazakhmys in talks; London miners see gains

| July 14, 2008 | 0 Comments
Kazakhmys in talks; London miners see gains

In London Monday, the FTSE 100 was up 0.74 percent to 5,300.4 while the FTSE 250 gained 1.28 percent to 8,445.7 after miners gained ground on news from Kazakhmys (LSE: KAZ) that it is in preliminary talks toward a merger, possibly with a Russian miner.

In Europe’s markets, the FTSE Eurofirst 300 was 0.76 percent higher to 1,134.91 while the Dax also added 0.76 percent, to 6,200.25, the IBEX was 0.52 percent higher to 11,443 and the CAC-40 gained 1.02 percent to 4,142.53.

Most equities markets in the Asia-Pacific region declined on expectations that oil prices, which remain in near-record territory, will cut into earnings in the region.

The main exception to the declines came on the Shanghai Composite, which added 0.76 percent to 22,014.46.

In Tokyo, the Nikkei 225 was down 0.23 percent to 13,010.16 while the Topix index fell 0.4 percent to 1,280.72 and the Mothers market dropped 0.33 percent to 515.81.

Elsewhere in the region South Korea’s Kospi was down 0.57 percent to 1,558.62, the Hang Seng fell 0.77 percent to 22,014.46, the Straits Times Index was 0.78 percent lower to 2,904.12, the Sensex was down 1.03 percent to 13,330.51, while in Australia both the S&P/ASX200 and the Sydney Ordinaries dropped 1.18 percent, to 4,921 and 5,007.9 respectively.

In Taiwan, the Taiex was down 1.21 percent to 7,156.96.

In afternoon trade in New York, the Dow Jones Industrial Average had dropped 0.15 percent to 11,083.77 while the Nasdaq Composite fell 0.66 percent to 2,224.32 and the S&P 500 was down 0.48 percent to 1,233.53.

Crude oil was slightly lower in afternoon trade, while precious metals were mixed and grains fell on the session.

The US dollar was lower after early gains versus the euro.

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