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Saturday 26th of September 2009
September 25, 2009    

TLW leads 100, London oil sector

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by Elaine Frei
TLW leads 100, London oil sector

European equities markets were mostly lower Friday despite gains in the oil sector as banks declined on news of discussions at the G20 meeting in the United States concerning the possible introduction of stricter control of the banking sector.

The FTSE 100 added 0.06 percent to 5,082.2 in London, but the FTSE 250 dropped 0.36 percent to 9,060.44.

Tullow Oil (LSE: TLW) added 3.16 percent to lead the 100 and a mixed oil sector on new concerns about Iran’s nuclear ambitions, while TUI Travel (LSE: TUI) had the worst day on the index with a decline of 3.75 percent and Lloyds Banking Group, down 3.41 percent was the biggest decliner in a mostly lower London banking sector.

Over on the 250, publishers managed both the biggest gain and the biggest loss on the index as business and financial magazine publisher Euromoney Institutional Investor (LSE: ERM) turned in the best performance there as it gained 14.41 percent after it said its full-year profits will exceed expectations, but Yell Group (LSE: YELL) dropped 6.33 percent for the biggest decline of the day on the London markets.

Newspaper and magazine publisher Trinity Mirror (LSE: TNI) was also up on the 250 as it added 8.4 percent.

The FTSE Eurofirst 300 was down 0.18 percent to 985.62 while the IBEX fell 0.45 percent to 11,643.8, the Dax was 0.42 percent lower to 5,581.41 and the CAC-40 dropped 0.51 percent to 3,739.14.

Most Asia-Pacific region markets were also lower.

The Nikkei 225 was down 2.64 percent to 10,265.98 in Tokyo, while the Topix index fell 2.9 percent to 922.67 and the Mothers market dropped 1.19 percent to 460.55.

Declines in Tokyo came on the news that brokerage Nomura Holdings (TYO: 8604) will issue up to $5.6 billion in new shares in order to fund expansion in the US, resulting in a broker downgrade.

The rest of the financial sector was hurt by the news from Nomura and by fears that other banks will also issue new shares after suggestions to do so as a way to increase banks’ capital came from the G20 meeting.

Among other markets in the region seeing declines the Hang Seng was down 0.13 percent to 21,024.4 while the Kospi fell 0.14 percent to 1,691.48, the Straits Times Index was 0.17 percent lower to 2,662.82, the Shanghai Composite was down 0.52 percent to 2,838.84 and the Sensex dropped 0.53 percent to 16,693.

Australian markets saw gains despite declines for miners after banks gained on analyst comment that Australian banks are less exposed to risk than other banks around the globe.

The Sydney Ordinaries added 0.14 percent to 4,714.8 and the S&P/ASX200 was up 0.26 percent to 4,713.3, while the Taiex gained 0.29 percent to 7,345.22 in Taiwan.

New York markets were lower in midday trade despite new data showing new home sales in the US up slightly in August after a report that US durable goods orders were down in August as demand for commercial aircraft declined.

The Dow Jones Industrial Average was down 0.24 percent to 9,684.09 at just past noon in New York, while the Nasdaq Composite was 0.67 percent lower to 2,093.56 and the S&P 500 had dropped 0.38 percent to 1,046.74.

Crude oil prices were up, but by just a cent, and precious metals prices were down but copper had gained in early afternoon trade in New York while grains prices were mixed in late morning trade in Chicago.

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