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August 26, 2008    

Ferrexpo, International Ferro lead miners, London markets lower

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by Elaine Frei
Ferrexpo, International Ferro lead miners, London markets lower

European equities markets were mixed Tuesday.

In London, the FTSE 100 was down 0.63 percent to 5,470.7 and the FTSE 250 dropped 0.53 percent to 9,133.6 as base metals prices declined, sending shares in miners lower.

Iron ore producers led miners lower, with Ferrexpo (LSE: FXPO) down 10.7 percent for the biggest decline on the 100 while International Ferro Metals (LSE: IFL) fell 11.76 percent for the worst showing on the 250.

Elsewhere in the region, the FTSE Eurofirst 300 was 0.16 percent higher to 1,171.09, with the CAC-40 up 0.29 percent to 4,368.55 as the Dax added 0.69 percent to 6,340.52 and the IBEX gained 0.82 percent to 11,419.9.

Fears of more losses related to credit market problems sent Asia-Pacific region equities markets lower on the session.

In Tokyo the Nikkei 225 was 0.78 percent lower to 12,778.71 while the Topix index fell 0.8 percent to 1,229.35, but the Mothers market of small and mid-caps managed to add a bare 0.04 percent to 446.41.

Elsewhere in the region, Australia’s S&P/ASX200 and Sydney Ordinaries each dropped 0.15 percent, to 5,007.5 and 5,082.3 respectively.

The Hang Seng was 0.23 percent lower to 21,056.66 while South Korea’s Kospi was down 0.79 percent to 1,490, Taiwan’s Taiex fell 0.94 percent to 6,964.6 and the Straits Times index dropped 0.96 percent to 2,707.19.

The Shanghai Composite was down 2.62 percent to 2,350.08 while India’s Sensex managed a gain of 0.22 percent to 14,482.22 on the session.

In late afternoon trade in New York, the Dow Jones Industrial Average was down 0.07 percent to 11,378.27 and the Nasdaq Composite was 0.48 percent lower to 2,354.29 but the S&P 500 had managed to hold on to a gain of 0.03 percent to 1,267.16.

Crude oil prices were up on weather concerns while metals prices were mixed, with base metals lower but precious metals in gains, and grains prices had declined.

The US dollar was higher on the session in relation to the euro after German business confidence was reported down in August but US consumer confidence was up at the same time.

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