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Thursday 23rd of October 2008
October 21, 2008

Persimmon leads homebuilders higher


by Elaine Frei

European equities markets were mixed Tuesday as fears continued that the global economy is sliding toward recession.

The FTSE 100 was down 1.24 percent to 4,229.73 in London, while the FTSE 250 added 0.68 percent to 6,442.11.

Homebuilders were higher, with some more than gaining back yesterday’s declines.

Barratt Developments (LSE: BDEV) added 12.67 percent while Taylor Wimpey (LSE: TW) was up 16.67 percent and Persimmon (LSE: PSN) gained 17.68 percent.

The FTSE Eurofirst 300 was down 0.47 percent to 923.93 while the Dax fell 1.05 percent to 4,784.41 and the IBEX dropped 1.5 percent to 9,795, but the CAC-40 jumped 0.78 percent to 3,475.4.

Equities markets in the Asia-Pacific region were mixed on the session.

In Tokyo, the Nikkei 225 added 3.34 percent to 9,360.25 while the Topix index was up 3.16 percent and the Mothers market gained 1.94 percent to 331.74.

Other gainers in the region included Taiwan’s Taiex, which added 0.22 percent to 4,942.72, while in Australia the Sydney Ordinaries gained 3.73 percent to 4,251.4 and the S&P/ASX200 was up 3.87 percent to 4,302.5 and in India the Sensex jumped 4.5 percent to 10,683.39.

Among decliners, the Shanghai Composite was down 0.78 percent to 1,958.53, the Kospi and the Straits Times Index each fell 0.95 percent, to 1,196.1 and 1,920.79 respectively, and the Hang Seng dropped 1.84 percent to 15,041.17.

At just before 2 p.m. in New York, the Dow Jones Industrial Average was down 1.61 percent to 9,116.25 while the Nasdaq Composite had fallen 2.92 percent to 1,718.41 and the S&P 500 had dropped 2.2 percent to 963.76.

Crude oil and grains prices fell while metals prices were mixed.

The yen gained on the euro and the dollar while the dollar was higher versus the euro.

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