Miners: Eurasian, most others down; Randgold sees gains

| April 20, 2009 | 0 Comments
Miners: Eurasian, most others down; Randgold sees gains

European equities markets were substantially lower Monday after banks declined on a report from US bank Bank of America (NYSE: BAC), which said that quarterly profit was up as a result of its acquisition of Merrill Lynch, but that it also had a large increase in its number of troubled loans.

The FTSE 100 dropped 2.49 percent to 3,9990.86 in London, while the FTSE 250 was 3.98 percent lower to 7,016.68.

Most miners were lower as Eurasian Natural Resources (LSE: ENRC) dropped 12.26 percent as the biggest loser on the 100 amid lower base metals prices, but Randgold Resources (LSE: RRS; NAS: GOLD) led gainers on the 100 as it added 8.4 percent on gains in the price of gold.

The FTSE Eurofirst 300 was down 3.51 percent to 786.12 while the IBEX fell 3.46 percent to 8,718.2, the CAC-40 was 3.96 percent lower to 2,969.4 and the Dax dropped 4.07 percent to 4,486.3.

Markets in the Asia-Pacific region were mixed.

In Tokyo, the Nikkei 225 was 0.19 percent higher to 8,924.75 while the Topix index added 0.32 percent to 848.3 and the Mothers market gained 2.2 percent to 326.65.

Other gainers in the region included the Taiex, which added 0.46 percent to 5,781.66 as the Kospi was up 0.56 percent to 1,336.39, the Hang Seng gained 0.96 percent to 15,750.91 and the Shanghai Composite was up 2.14 percent to 2,557.46.

In Australia, the Sydney Ordinaries fell 0.16 percent to 3,722.3 and the S&P/ASX200 was down 0.2 percent to 3,769 while India’s Sensex was 0.4 percent lower to 10,979.5 and the Straits Times Index dropped 1.14 percent to 1,874.85.

In afternoon trade on Wall Street, the Dow Jones Industrial Average was down 3.11 percent to 7,878.36 while the Nasdaq Composite was 3.41 percent lower to 1,616.03 and the S&P 500 had dropped 3.71 percent to 837.32.

Crude oil prices were substantially lower on the session while base metals and most precious metals declined but gold saw gains.

Grains prices were also lower on the Chicago Board of Trade.

The pound and the euro both weakened during the day.

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