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Friday 24th of October 2008
October 22, 2008

Aquarius Platinum falls 21 percent


by Elaine Frei
Aquarius Platinum falls 21 percent

European equities markets saw significant losses Wednesday as further concerns about recession were spurred after Mervyn King, the governor of the Bank of England, who said in a speech that the UK is probably already entering a recession.

The FTSE 100 was 4.46 percent lower to 4,040.89 and the FTSE 250 dropped 3.27 percent to 6,232.62 in London.

Miners were among the worst performers on the session, led by Kazakhmys (LSE: KAZ) with a decline of 15.49 percent on the 100 and by Aquarius Platinum (LSE: AQP), which dropped 21.18 percent on the 250.

The FTSE Eurofirst 300 was down 5.41 percent to 873.9 as the Dax fell 4.46 percent to 4,571.07, the CAC-40 was 5.1 percent lower to 3,298.18 and the IBEX dropped 8.16 percent to 8,995.3.

Asia-Pacific region equities markets were also lower, on fears that the economic slowdown will hurt profits in the region.

In Tokyo the Nikkei 225 was down 6.79 percent to 8,674.69 while the Topix index fell 7.05 percent to 889.23 and the Mothers market of small and mid-caps dropped 2.56 percent to 323.24.

Elsewhere in the region, the Taiex was down 1.62 percent to 4,862.59 while in Austrlaia the Sydney Ordinaries fell 3.09 percent to 4,120.1 and the S&P/ASX200 was 3.4 percent lower to 4,156.1 and in China the Shanghai Composite dropped 3.2 percent to 1,895.82.

India’s Sensex fell 4.81 percent to 10,169.9 while the Hang Seng dropped 5.15 percent to 14,266.6 for its lowest close in three years.

South Korea’s Kospi was down 5.14 percent to 1,134.59 while the Straits Times Index fell 5.19 percent to 1,821.13.

Within the last half-hour of floor trade in New York, the Dow Jones Industrial Average was down by 6.31 percent to 8,463.62 while the Nasdaq Composite was 5.6 percent lower to 1,601.75 and the S&P 500 had dropped 7 percent to 888.21.

Crude oil prices fell significantly while metals prices were down and grains prices dropped on the Chicago Board of Trade.

The yen gained on all major currencies and the dollar was higher versus the euro and the pound.

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