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Rightmove drops 4.45 percent as it reports house price declines

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by Elaine Frei
Rightmove drops 4.45 percent as it reports house price declines

European equities markets declined Monday after house prices in the UK declined, which hurt banks and retailers and renewed concerns that the UK could be close to recession, and after crude oil prices rose during the European session before retreating again.

In London, the FTSE 100 was down 0.08 percent to 5,450.2 while the FTSE 250 dropped 0.77 percent to 9,124.

The bearer of the bad news about house prices, internet house-price tracker Rightmove (LSE: RMV) was down 4.45 percent while house builders saw declines as Bovis Homes (LSE: BVS) was 5.59 percent lower, Persimmon (LSE: PSN) fell 5.61 percent, and Taylor Wimpey (LSE: TW) dropped 7.43 percent.

Among other European markets, the FTSE Eurofirst 300 was down 0.09 percent to 1,189.15 as Madrid’s IBEX fell 0.07 percent to 11,677.5, the Paris CAC-40 was 0.11 percent lower to 4,448.84 and the Dax dropped 0.2 percent to 6,432.88 in Frankfurt.

Asia-Pacific region equities were mixed, with markets in Tokyo and Australia seeing gains while most others saw declines, although Pakistan’s exchange in Karachi added 4.49 percent after the nation’s president resigned amid impeachment threats.

In Tokyo, the Nikkei 225 was up 1.12 percent to 13,165.45 while the Topix index added 1.32 percent to 1,263.75 and the Mothers market of small and mid-caps gained 0.92 percent to 442.58, while in Australia the S&P/ASX200 was 0.07 percent higher to 4,985 while the Sydney Ordinaries added 0.09 percent to 5,043.5.

Elsewhere in the region, South Korea’s Kospi index was down 0.28 percent to 1,667.71 while India’s Sensex was 0.53 percent lower to 14,645.66, the Straits Times Index fell 0.73 percent to 2,776.98 and the Hang Seng dropped 1.09 percent to 20,930.67.

In Taiwan, the Taiex was down 2.72 percent to 7,000.74, while the Shanghai Composite dropped 5.34 percent to 2,319.87, continuing declines on fears that the government in China will not do much to improve market conditions.

In early afternoon trade on Wall Street, the Dow Jones Industrial Average was 1.45 percent lower to 11,490.38 while the Nasdaq Composite was down 1.15 percent to 2,424.29 and the S&P 500 had dropped 1.16 percent to 1,283.1.

Crude oil prices were lower after gains early in the session, while metals prices were mixed and grains prices were up on the session.

The US dollar weakened while the pound was also weaker as home prices declined further this month.

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News posted: August 18, 2008

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