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Monday 01st of December 2008
September 24, 2008

British Energy shares see gains

by Elaine Frei
British Energy shares see gains

European equities markets declined Wednesday after carmakers were down on early gains in oil prices and after US Federal Reserve Chairman Ben Bernanke said that the credit crisis has cut spending by individuals and businesses.

In London the FTSE 100 was down 0.79 percent to 5,095.57 while the FTSE 250 fell 0.56 percent to 8,407.36.

British Energy Group (LSE: BGY) added 5.66 percent after French utility EDF (Euronext: EEN) said it would pay 774p per share for BE.

The FTSE Eurofirst 300 was down 0.63 percent to 1,101.6 as the Dax fell 0.26 percent to 6,052.87, the IBEX was 0.57 percent lower to 11,112.9 and the CAC-40 dropped 0.61 percent to 4,114.54.

On the other hand, the financial sector led most Asia-Pacific region equities markets higher Wednesday on the news that Warren Buffett’s holding company, Berkshire Hathaway (NYSE: BRK.A, BRK.B), will purchase $5 billion worth of Goldman Sachs (NYSE: GS) stock.

Tokyo’s markets were mixed after being closed Tuesday for a holiday, as the Nikkei 225 was up 0.2 percent to 12,115.03 but the Topix index fell 0.06 percent to 1,167.97 and the Mothers market of small and mid-caps dropped 1.62 percent to 438.4.

Elsewhere in the region, the Straits Times Index added 0.04 percent to 2,477.6, the Shanghai Composite was up 0.7 percent to 2,216.81, the Sensex gained 0.9 percent to 13,692.52, the Hang Seng was 0.47 percent higher to 18,961.99, and the Kospi was up 0.99 percent to 1,495.98.

In Australia, the Sydney Ordinaries added 1.02 percent to 5,008.2 and the S&P/ASX200 gained 1.19 percent to 4,981.9.

In Taiwan, on the other hand, the Taiex dropped 0.8 percent to 6,132.6.

New York equities markets were higher at just past 1:30 p.m. local time as the Dow Jones Industrial Average added 0.54 percent to 10,913.19 while the Nasdaq Composite was up 1.16 percent to 2,178.22 and the S&P 500 had gained 0.65 percent to 1,195.92.

Crude oil prices fell slightly in London and New York, and while most base metals prices fell, precious metals prices saw gains and grains were mixed.

The yen declined on more appetite for risky investments after the Berkshire Hathaway/Goldman Sachs deal was announced.

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