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October 1, 2009    

Miner Lonmin biggest loser on FTSE 100

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by Elaine Frei
Miner Lonmin biggest loser on FTSE 100

European equities markets were lower again Thursday as declines in metals prices pushed shares in miners down in London.

The FTSE 100 fell 1.68 percent to 5,047.81 while the FTSE 250 dropped 0.85 percent to 9,064.28.

Miner Lonmin led declines on the 100 and had the worst day in its sector as it dropped 8.12 percent on a downgrade from “hold” to “sell” from Deutsche Bank.

Three others in the mining sector were among the five biggest losers on the index, with Xstrata (LSE: XTA) down 5.47 percent as Anglo American (LSE: AAL) fell 5.37 percent and Eurasian Natural Resources (LSE: ENRC) dropped 5.02.

There was only one gainer in the mining sector as Vedanta Resources (LSE: VED) added 2.42 percent.

Consumer goods retailer Home Retail Group (LSE: HOME) had the best day on the 100 with a gain of 2.68 percent, while household chemicals manufacturer McBride (LSE: MCB) led gainers on the 250 as it added 5.95 percent.

Kitchen cabinet maker Galiform (LSE: GFRM) turned in the worst performance on the 250, dropping 5.93 percent on the session.

The FTSE Eurofirst 300 was down 1.54 percent to 982.21 while the CAC-40 fell 1.97 percent to 3,720.77, the IBEX was 2.02 percent lower to 11,518.2 and the Dax dropped 2.13 percent to 5,554.55.

Most markets in the Asia-Pacific region were down, as Tokyo’s markets declined on a stronger yen as the Japanese currency once again traded at less than ¥90 to the US dollar.

Exporters were hurt by the currency’s strength, while banks were also lower as concerns continued that they will follow Nomura Holdings (TYO: 8604) in issuing new shares.

In Tokyo, the Nikkei 225 was 1.53 percent lower to 9,978.64 while the Topix index fell 1.51 percent to 896.12 and the Mothers market dropped 2.92 percent to 438.45.

In Australia, the Sydney Ordinaries fell 0.79 percent to 4,702 while the S&P/ASX200 was down 0.9 percent to 4,701.1, while Singapore’s Straits Times Index was 0.57 percent lower to 2,657.44 and the Kospi dropped 1.7 percent to 1,644.63 in South Korea.

Markets in China and Hong Kong were closed for public holidays.

New York markets declined after the Institute for Supply Management’s manufacturing index dropped to 52.6 in September, down from 52.9 in August and lower than the expected gain to 54, showing that while manufacturing in the US expanded last month, it did not grow as much as had been hoped.

The Dow Jones Industrial Average was down 1.58 percent to 9,559.31 in midday trade in New York while at the same time the Nasdaq Composite had dropped 2.45 percent to 2,070.47 and the S&P 500 was 1.94 percent lower to 1,036.59.

In addition to the news on manufacturing, the Labor Department said that new jobless claims were 16,000 higher than expected last week to 551,000.

Oil and metals prices were down in early afternoon trade in New York.

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