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October 1, 2008    

Lonmin declines after Xstrata says it won’t bid

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by Elaine Frei
Lonmin declines after Xstrata says it won't bid

Most European equities markets saw gains Wednesday ahead of a scheduled US Senate vote on a version of a $700 billion bailout plan for the US financial sector as well as on hopes that the House of Representatives will approve the plan when it revisits it later in the week.

In London, the FTSE 100 was up 1.17 percent to 4,959.59 while the FTSE 250 added 0.33 percent to 7,914.39.

Despite the gains, miners were lower, led by Lonmin (LSE: LMI) with a 20.27 percent decline after Xstrata, (LSE: XTA), which fell 1.92 percent said it would not make a bid.

The FTSE Eurofirst 300 was 0.51 percent higher to 1,069.04 while the CAC-40 added 0.56 percent to 4,054.54 and the IBEX gained 1.77 percent to 11,182.5, but the Dax dropped 0.42 percent to 5,806.33.

Most equities markets in the Asia-Pacific region were also higher.

In Tokyo, the Nikkei 225 was up 0.96 percent to 11,368.26 and the Topix index added 1.26 percent to 1,101,13, but the Mothers market of small and mid-caps dropped 2.4 percent to 393.05.

Other gainers in the region included the Taiex, which added 0.78 percent to 5,764.01, while the Sensex was up 1.52 percent to 13,055.67.

Australian markets soared as the Sydney Ordinaries gained 3.96 percent to 4,814.5 and the S&P/ASX200 jumped 4.22 percent to 4,794.6.

Among decliners in the region, the Straits Times Index was down 0.1 percent to 2,358.91 and the Kospi dropped 0.58 percent to 1,439.67.

In early afternoon trade in New York, the Dow Jones Industrial Average was down 0.48 percent to 10,798.49 while the Nasdaq Composite had dropped 0.91 percent to 2,072.75 and the S&P 500 was 0.55 percent lower to 1,158.3.

Crude oil prices were lower on a new inventories report from the US Energy Information Administration, while precious metals prices were higher and grains prices were mixed.

The US dollar gained on the euro and the pound but declined versus the yen.

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