Barratt Developments leads 250 with nearly 24 percent gain

| August 11, 2008 | 0 Comments
Barratt Developments leads 250 with nearly 24 percent gain

European equities markets saw gains Monday on positive quarterly reports and on last week’s declines in commodities prices.

In London, the FTSE 100 added 0.96 percent to 5,541.8 while the FTSE 250 gained 1.98 percent to 9,384.1.

The 250 gained on major gains in the house building sector after a US capital management group bought 1 million shares in Barratt Developments (LSE: BDEV), raising its stake to just over 6 percent and giving Barratt a gain of 23.63 percent on the session, followed on the top of the 250 by Taylor Wimpy (LSE: TW) with a gain of 14.15 percent while Persimmon (LSE: PSN) was up 11.02 percent and Bovis Homes (LSE: BVS) gained 9.65 percent after Goldman Sachs (NYSE: GS) removed Bovis from its “conviction sell” list.

In the rest of Europe, the FTSE Eurofirst 300 was up 1.16 percent to 1,212.92 while the Dax added 0.73 percent to 6,609.63, the CAC-40 was 1.04 percent higher to 4,538.49 and the IBEX gained 2.1 percent to 12,047.7.

Most equities markets in the Asia Pacific region were higher on less concern about inflation, but the Shanghai Composite dropped 5.21 percent to 2,470.07 while the Hang Seng dropped 0.12 percent to 21,859.34.

Tokyo’s markets saw gains on a weaker yen that helped exporters.

The Nikkei 225 added 1.99 percent to 13,430.91 while the Topix index was up 1.59 percent to 1,280 and the Mothers market gained 0.95 percent to 476.26 in light trade.

The Straits Times Index was up 0.64 percent to 2,825.39, the Kospi was 0.79 percent higher to 1,581.09, the Taiex added 1.62 percent in Taiwan, and India’s Sensex gained 2.22 percent to 15,503.92.

In early afternoon trade on Wall Street, the Dow Jones Industrial Average was up 0.62 percent to 11,807.43 while the Nasdaq Composite had added 1.34 percent to 2,446.44 and the S&P500 had gained 0.88 percent to 1,307.79.

Crude oil prices were lower again after rising early in the session, while most metals prices were down and wheat and soybeans saw gains but corn prices were lower.

The euro weakened slightly versus the US dollar while the Swiss franc gained on both the greenback and the shared currency.

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