Hochschild leads miners lower

| June 8, 2009 | 0 Comments
Hochschild leads miners lower

Europe’s equities markets saw declines Monday as banks stocks and miners had trouble gaining traction.

The FTSE 100 was 0.75 percent lower to 4,405.22 in London, while the FTSE 250 dropped 0.77 percent to 7,687.86.

Among miners, Hochschild Mining (LSE: HOC) dropped 7.7 percent for the worst performance of the day on the 250 and the worst loss in the sector, while over on the 100 Fresnillo (LSE: FRES) fell 4.86 percent, Anglo American (LSE: AAL) was down 4.68 percent and Vedanta Resources (LSE: VED) was 4.38 percent lower.

The FTSE Eurofirst 300 fell 0.76 percent to 865.63 while the IBEX was down 1.29 percent to 9,396.2, the Dax was 1.42 percent to 5,004.72 and the CAC-40 dropped 1.48 percent to 3,289.66.

Most markets in the Asia-Pacific region were also lower, although Tokyo’s markets advanced and the Shanghai Composite added 0.52 percent to 2,768.24.

The Nikkei 225 closed at its highest level in 8 months when it added 1 percent to 9,865.63 on a weaker yen, which helped exporters, while the Topix index added 1.13 percent to 926.89 and the Mothers market gained 1.82 percent to 405.91.

The Kospi was 0.1 percent lower to 1,393.3 while the Hang Seng fell 2.28 percent to 18,253.39, the Straits Times Index was down 2.61 percent to 2,333.7, the Sensex fell 2.9 percent to 14,665.92 and the Taiex dropped 3.34 percent to 6,628.02.

Australia’s markets were closed for the day in observance of the Queen’s Birthday.

US markets were also lower, falling in afternoon trade as the Dow Jones Industrial Average fell 1.08 percent to 8,668.21, the Nasdaq Composite was down 1.27 percent to 1,825.86 and the S&P 500 had dropped 0.97 percent to 930.96.

Crude oil prices were slightly lower in New York trade while metals prices were also lower and grains prices were mixed.

The US dollar and the yen were stronger while the pound weakened.

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