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Tuesday 21st of October 2008
October 17, 2008

UK Coal drops almost 34 percent on output decline

by Elaine Frei
UK Coal drops almost 34 percent on output decline

Equities markets in Europe were mostly higher Friday.

London’s indexes were mixed, with the FTSE 100 adding 5.22 to 4,063.01 while the FTSE 250 dropped 0.49 percent to 6,311.39.

Miners were mixed, with UK Coal (LSE: UKC) down 33.96 percent after it said output for the year will miss goals due to bad weather in the third quarter while Gem Diamonds (LSE: GEMD) dropped 22.46 percent, both on the 250, while International Ferro (LSE: IFL) had the best day on the 250 with a gain of 14.13 percent and over on the 100 BHP Billiton (LSE: BLT; ASX: BHP; NYSE: BHP) was up 10.42 percent and Anglo American (LSE: AAL) added 12.32 percent.

The FTSE Eurofirst 300 was 3.71 percent higher to 890.26 while the Dax added 3.43 percent to 4,781.33, the IBEX was up 3.73 percent to 9,655.2 and the CAC-40 gained 4.68 percent to 3,329.92.

Most Asia-Pacific equities markets were lower again Friday, as investors remained worried about a possible recession and the effect it could have on the region’s exports.

There were a few gainers, however, including the Tokyo markets, where the Nikkei 225 was up 2.78 percent to 8,693.82, the Topix index added 3.44 percent to 894.29 and the Mothers market gained 2.27 percent to 310.76, while the Shanghai Composite added 1.08 percent to 1,930.65.

Elsewhere in the region, however, markets declined.

In Australia, the Sydney Ordinaries fell 1.09 percent to 3,944.8 and the S&P/ASX200 was down 1.06 percent to 3,970.8, Taiwan’s Taiex was 2.28 percent lower to 4,960.4, the Kospi dropped 2.73 percent to 1,180.67, the Straits Times Index fell 3.73 percent to 1,878.51, the Hang Seng was 4.44 percent lower to 14,554.21 and the Sensex dropped 5.73 percent to 9,975.35 in India.
After alternating between gains and losses early in the session, Wall Street was higher in early afternoon trade.

Wall Street was well off earlier gains at around 3:30 p.m. in New York, with the Dow Jones Industrial Average up 0.11 percent to 8,988.81 while the Nasdaq Composite had added 0.51 percent to 1,726.46 and the S&P 500 had gained 0.79 percent to 943.94.

Crude oil and grains prices were higher on the session while precious metals saw declines and base metals were mixed.

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