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Wednesday 27th of January 2010
March 30, 2009    

Liberty International drops almost 16 percent on downgrades

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by Elaine Frei
Liberty International drops almost 16 percent on downgrades

Global stock exchanges were substantially lower Monday as investors worried about more problems for banks and after US President Barack Obama said that General Motors (NYSE: GM) isn’t doing enough to help themselves to justify more help from the US government.

The FTSE 100 was 3.49 percent lower to 3,762.91 in London, while the FTSE 250 dropped 2 percent to 6,224.28.

Losers on the 100 were led by property investor Liberty International (LSE: LII), which dropped 15.59 percent after downgrades from Goldman Sachs to “sell” and from Charles Stanley to “reduce”.

The FTSE Eurofirst 300 was down 3.62 percent to 710.79 while the IBEX fell 4.12 percent to 7,601.1 the CAC-40 was 4.27 percent lower to 2,719.23 and the Dax dropped 5.1 percent to 3,989.23.

Asian markets were also lower on the session.

In Tokyo, the Nikkei 225 was down 4.53 percent to 8,236.08 and the Topix index dropped 4.24 percent to 789.54 and the Mothers market fell. 0.51 percent to 308.46.

Elsewhere in the region, the Shanghai Composite was 0.69 percent lower to 2,358.04 while in Australia the Sydney Ordinaries dropped 1.7 percent to 3,554.2 and the S&P/ASX200 was down 1.85 percent to 3,604.4.

The Kospi fell 3.24 percent to 1,197.46 while the Taiex was down 3.43 percent to 5,206.05, the Straits Times Index was 4.15 percent lower to 1,673.14, the Hang Seng fell 4.7 percent to 13,456.33 and the Sensex dropped 4.78 percent to 9,568.14.

New York equities markets were also much lower in afternoon trade, with the Dow Jones Industrial Average down 3.71 percent to 7,487.53 while the Nasdaq Composite had fallen 3.32 percent to 1,493.96 and the S&P 500 had dropped 3.8 percent to 784.93.

Crude oil and metals prices fell, as did most grains prices, but May wheat was higher in afternoon trade on the Chicago Board of Trade.

The yen and the US dollar saw gains as investors looked for safe places to put their cash after the declines in equities.

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