Punch Taverns top gainer on losing day

| January 8, 2009
Punch Taverns top gainer on losing day

European equities markets saw declines Thursday on renewed worries that the global economy will not see a quick recovery from the current recession.

The FTSE 100 was down 0.05 percent to 4,505.37 while the FTSE 250 dropped 1.04 percent to 6,692.25 after the Bank of England cut interest rates by half a percentage point to 1.5 percent.

Punch Taverns (LSE: PUB) had the best day in London with a gain of 14 percent, while Tullow Oil (LSE: TLW) added 5.3 percent on a joint discovery with Texas-based Anadarko Petroleum (NYSE: APC) in Ghana.

The FTSE Eurofirst 300 was down 0.79 percent to 870.92 while the CAC-40 fell 0.65 percent to 3,324.33, the IBEX was 1.05 percent lower to 9,469.5 and the Dax dropped 1.17 percent to 4,879.91.

Markets in the Asia-Pacific region were also lower as commodities prices fell and companies in several sectors issued earnings warnings.

In Tokyo, the Nikkei 225 was down 3.93 percent to 8,876.42 while the Topix index fell 3.08 percent to 860.89 and the Mothers market dropped 1.61 percent to 334.79.

Elsewhere, the Kospi was 1.83 percent lower to 1,205.7 in South Korea while in Australia the Sydney Ordinaries fell 2.27 percent to 3,643.6 and the S&P/ASX200 was 2.26 percent lower to 3,694.3.

The Shanghai Composite dropped 2.38 percent to 1,878.18 while the Straits Times Index was down 2.82 percent to 1,827.61, the Hang Seng was 3.81 percent lower to 14,415.91 and the Taiex fell 5.3 percent to 4,535.79.

India’s Sensex, which saw significant declines on Wednesday, was closed for a holiday.

Wall Street was lower in early afternoon trade as the Dow Jones Industrial Average dropped 1.25 percent to 8,660.11, the Nasdaq was down 0.52 percent to 1,590.68 and the S&P 500 was 0.81 percent lower to 899.31 after most retailers reported sales down in December.

Crude oil prices fell and metals prices were mixed on the session.

The US dollar weakened on new Labor Department numbers on the unemployed.

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