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Monday 01st of December 2008
September 9, 2008

International Ferro drops nearly 15 percent


by Elaine Frei
International Ferro drops nearly 15 percent

European equities markets were lower Tuesday as miners fell on demand concerns amid slowing economies and falling commodities prices.

In London the FTSE 100 was down 0.56 percent to 5,415.6 and the FTSE dropped 1.42 percent to 9,138.2 as new data showed that manufacturing production in the UK was down in July for the fifth consecutive month.

The biggest declines, however, came in the mining sector, where Kazakhmys (LSE: KAZ) led decliners on the 100 with a drop of 9.28 percent and iron ore producer International Ferro Metals (LSE: IFL) dropped 14.55 percent for the biggest decline on the 250.

The FTSE Eurofirst 300 was down 0.62 percent to 1,155.58 while the Dax dropped 0.48 percent to 6,233.41, the CAC-40 was 1.08 percent lower to 4,293.34 and the IBEX fell 1.77 percent to 11,350.

Most Asia-Pacific region equities markets were lower on the session.

In Tokyo, the Nikkei 225 as 1.77 percent lower to 12,400.65 while the Topix index fell 1,191.59 and the Mothers market dropped 2.51 percent to 429.97.

In Australia, the Sydney Ordinaries fell 1.65 percent to 5,041.9 and the S&P/ASX200 dropped 1.72 percent to 4,980.1 as banks and miners declined there.

Elsewhere in the region, the Sensex was down 0.3 percent to 14,900.76 while the Straits Times Index fell 0.88 percent to 3,673.21, the Hang Seng was 1.46 percent lower to 20,491.11, the Kospi was down 1.5 percent to 1,454.5 and the Taiex dropped 3.51 percent to 6,424.77.

The Shanghai Composite again defied trends with a gain of 0.11 percent to 2,145.78.

New York equities markets were lower in early afternoon trade as the Dow Jones Industrial Average dropped 0.58 percent to 11,444.22, the Nasdaq Composite was down 0.68 percent to 2,254.33 and the S&P 500 fell 1,252.35.

Oil prices fell, with Brent crude dropping below $100 per barrel while metals prices were also lower but grains prices were mixed.

The dollar gained ground on the euro but fell back after a report that pending sales on existing homes in the US fell in July, while the Australia and New Zealand dollars declined on falling demand for higher-yield currencies.

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