Building materials group Wolseley helped by US economic growth

| August 28, 2008 | 0 Comments
Building materials group Wolseley helped by US economic growth

European equities markets saw gains Thursday after the US Commerce Department reported that the US economy grew by 3.3 percent in the second quarter of the year.

In London the FTSE 100 added 1.32 percent to 5,601.2 while the FTSE 250 gained 1.47 percent to 9,271.7.

With their biggest markets in the United States, building materials group Wolseley (LSE: WOS) was up 3 percent while household appliance components manufacturer Invensys (LSE: ISYS; OTC: IVNY) gained 3.6 percent.

Elsewhere in Europe, the FTSE Eurofirst 300 was up 1.44 percent to 1,190 as the Dax added 1.57 percent to 6,420.54, the IBEX was 1.59 percent higher to 11,662 and the CAC-40 gained 2.02 percent to 4,461.49.

Equities markets in the Asia-Pacific region were mixed.

The Shanghai Composite was up 0.34 percent to 2,467.39 while in Australia the Sydney Ordinaries added 1.09 percent to 5,143.3 and the S&P/ASX200 gained 1.1 percent to 5,066.5.

On the other hand, the Straits Times Index was down 0.52 percent to 2,691 while the Taiex fell 0.67 percent to 7,033.37, the Kospi was 1.32 percent lower to 1,474.15, the Sensex was down 1.74 percent to 14,048.34 and the Hang Seng dropped 2.29 percent to 20,972.29.

Tokyo’s markets were mixed as well, with the Nikkei 225 up 0.12 percent to 12,768.25 as the Topix index fell 0.34 percent to 1,219.53 and the Mothers market of small and mid-caps dropped 0.72 percent to 456.22.

Wall Street was higher in early afternoon trade on the news that the US economy expanded more than had been anticipated in the second quarter.

The Dow Jones Industrial Average was up 1.42 percent to 11,665.68 while the Nasdaq Composite added 0.78 percent to 2,401.1 and the S&P 500 gained 0.93 percent to 1,293.55.

Crude oil prices ended the floor session in New York lower, while metals prices were mixed and grains prices dropped.

The euro strengthened versus the US dollar, while the South African rand saw gains on higher prices for gold and platinum and the Australian dollar was stronger on a report showing that business investment was up in the second quarter.

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