Gold miner Fresnillo declines amid gains in sector

| July 7, 2009 | 0 Comments
Gold miner Fresnillo declines amid gains in sector

European equities markets were lower Tuesday.

In London, the FTSE 100 dropped 0.19 percent to 4,187 but the FTSE 250 managed a slight gain of 0.01 percent to 7,321.38.

Most miners were up after yesterday’s losing day, but gold and silver miner Fresnillo (LSE: FRES) was down 3.24 percent for the worst performance in the sector.

The FTSE Eurofirst 300 was down 0.79 percent to 826.44 while the IBEX fell 0.51 percent to 9,520, the CAC-40 was 1.09 percent lower to 3,048.57 and the Dax dropped 1.15 percent to 4,598.19.

Equities markets in the Asia-Pacific region were mixed during the day.

The Nikkei 225 dropped 0.34 percent to 9,647.79 in Tokyo, while at the same time the Topix index was 0.36 percent lower to 909.13 and the Mothers market dropped 0.81 percent to 460.73, with declines for the Nikkei coming after gains earlier in the session.

Other decliners in the region included Australian markets, where the Sydney Ordinaries fell 0.43 percent to 3,767.8 and the S&P/ASX200 was down 0.44 percent to 3,766.9.

The Hang Seng was 0.65 percent lower to 17,862.27 and the Shanghai Composite dropped 1.13 percent to 3,089.45.

Gaining indexes included the Straits Times Index, which added 0.27 percent to 2,272.26 while at the same time the Kospi was up 0.37 percent to 1,434.2, the Sensex was 0.9 percent higher to 14,170.45 and the Taiex gained 0.98 percent to 6,715.22.

Wall Street was lower in midday trade on concerns that the recovery of the US economy is not proceeding as it should ahead of second quarter earnings reports and after an advisor to the Obama administration recommended that a new stimulus plan be considered.

At just past 12:30 p.m. in New York, the Dow Jones Industrial Average was 1.25 percent lower to 8,220.43 while at the same time the Nasdaq Composite was down 1.45 percent to 1,761.5 and the S&P 500 had dropped 1.27 percent to 887.3.

Oil, grains, and most metals prices were down, but gold prices were higher on the session.

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