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Wednesday 08th of October 2008
October 6, 2008

Kazakhmys loses 26 percent to lead losses on FTSE 100

by Elaine Frei
Kazakhmys loses 26 percent to lead losses on FTSE 100

European equities markets declined sharply Monday as the euro weakened, oil and metals prices fell, and bank bailouts spread to Europe from the US, spurring several governments to pledge to insure bank deposits in an attempt to maintain confidence in their banking systems.

In London the FTSE 100 dropped 7.85 percent to 4,589.19, with no winners on the index, while the FTSE 250 dropped 6.51 percent to 7,474.79.

While banks were lower, copper miner Kazakhmys (LSE: KAZ) with a decline of 26.58 percent while Xstrata (LSE: XTA) was down 19.11 percent and Antofagasta dropped 17.49 percent.

There were also no winners on the CAC-40 in Paris, which dropped 9.04 percent to 3,711.98 while the Dax was down 7.07 percent to 5,387.01 in Frankfurt and the IBEX was 6.06 percent to 10,726 in Madrid and the pan-European FTSE Eurofirst 300 fell 7.39 percent to 1,008.86.

The widening credit crisis also hurt equities markets in the Asia-Pacific region.

In Tokyo, the Nikkei 225 was down 4.25 percent to 10,473.09 while the Topix index fell 4.67 percent to 999.05 to close below 1,000 for the first time nearly five years and the Mothers market of small and mid-caps dropped 9.86 percent to 320.59.

In Australia, the S&P/ASX200 was down 3.3 percent to 4,540.4 and the Sydney Ordinaries fell 3.36 percent to 4,544.7 while the Taiex was 4.12 percent lower to 5.505.7, the Kospi dropped 4.29 percent to 1,358.75, the Hang Seng fell 4.97 percent to 16,803.76, the Shanghai Composite was down 5.23 percent to 2,173.74, the Straits Times Index was 5.61 percent lower to 2,168.32 and the Sensex dropped 5.78 percent to 11,801.7.

In late afternoon trade on Wall Street, equities markets had come off session lows, but the Dow Jones Industrial Average remained down 4.79 percent to 9,830.61 while the Nasdaq Composite was 5.15 below Friday’s close at 1,847.04 and the S&P 500 had dropped 5 percent to 1,044.23.

Crude oil prices were sharply lower in both New York and London, while precious metals prices were mixed, copper prices were down, and grains prices fell on the stronger dollar.

The euro weakened on worries about the increasing spread of the credit crisis to Europe.

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