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Saturday 25th of October 2008
October 23, 2008

BP, Royal Dutch Shell gain on session

by Elaine Frei
BP, Royal Dutch Shell gain on session

Equities markets were mixed in Europe on Thursday as UK retail sales were down in September and as business confidence dropped to its lowest level in almost fifteen years in France.

The FTSE 100 added 1.16 percent to 4,087.83 but the FTSE 250 dropped 1.67 percent to 6,128.65.

The oil sector saw gains after oil prices recovered as Iran called for the Organization of Petroleum Exporting Countries to cut production quotas by 2 million barrels per day, with BP (LSE: BP; NYSE: BP; TYO: 5051) adding 5.03 percent while Royal Dutch Shell’s (LSE: RDS A, RDS B; NYSE: RDS.A, RDS.B) A shares added 5.22 percent and B shares gained 5.22 percent, all on the 100.

The FTSE Eurofirst 300 was down 0.14 percent to 872.72 while the Dax fell 1.12 percent to 4,519.7 and the IBEX dropped 2.05 percent to 8,811.2 but the CAC-40 added 0.38 percent to 3,310.87.

Asian equities markets declined on continuing worries about what is in store for the global economy.

In Tokyo, the Nikkei 225 was 2.46 percent lower to 8,460.98 after falling by 7.6 percent in earlier trade while at the same time, the Topix index was down 1.97 percent to 871.7 and the Mothers market of small and mid-caps dropped 3.72 percent to 311.21.

Elsewhere in the region, the Shanghai Composite was down 1.07 percent to 1,875.56 while the Taiex fell 2.72 percent to 1,049.71, the Hang Seng was 3.55 percent lower to 13,760.49, the Sensex dropped 3.92 percent to 9,771.7 and the Straits Times Index was down 4.14 percent to 1,745.67.

In Australia, the S&P/ASX200 was 4.37 percent lower to 3,974.4 and the Sydney Ordinaries fell 4.39 percent to 3,939.3 while in South Korea the Kospi plummeted 7.48 percent to 1,049.71.

At just past 3 p.m. in New York the Dow Jones Industrial Average was down 1.34 percent to 8,404.76 while the Nasdaq Composite fell 3.23 percent to 1,563.51 and the S&P 500 had dropped 2.26 percent to 876.52, but by the close the Dow and the S&P 500 were both up with the Dow up 2.02 percent to 8,691.25 and the S&P adding 1.26 percent to 908.11.

The Nasdaq was up from session lows but remained in negative territory to close down 0.73 percent to 1,603.91.

Crude oil prices were up and metals prices were mixed while grains prices gained on the session.

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