|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Saturday 17th of October 2009
October 16, 2009    

National Express Group drops 23.14 percent in London

Bookmark and Share

by Elaine Frei
National Express Group drops 23.14 percent in London

European equities markets were lower to end the week Friday after disappointing quarterly reports from some US banks.

The FTSE 100 was 0.63 percent lower to 4,190.24 in London, while the FTSE 250 dropped 0.62 percent to 9,426.2.

London’s biggest decliner on the session was 250-listed public transport operator National Express Group (LSE: NEX), which dropped 23.14 percent after a Spanish-led consortium chose not to make an offer, while two components of the travel and leisure sector, TUI Travel (LSE: TUI) and British Airways (LSE: BAY), were among the five biggest lowers on the 100, falling 3.09 percent and 3.08 percent respectively.

Supermarket chain J Sainsbury (LSE: SBRY) had the worst day on the 100 with a decline of 4.03 percent.

Credit reporting business Experian Group (LSE: EXPN) turned in the best performance on the 100 as it added 2.98 percent.

London banks were lower on the news on US banks, but Lloyds Banking Group managed to gain 1.85 percent, helped by an upgrade from Deutsche Bank.

The FTSE Eurofirst 300 was down 0.6 percent to 1,011.19 while the CAC-40 fell 1.45 percent to 3,827.6, the IBEX was 1.46 percent lower to 11,676.4 and the Dax dropped 1.5 percent to 5,743.39.

Most markets in the Asia-Pacific region were lower Friday, but Taiwan’s Taiex added 0.06 percent to 7,715.1 and the Sensex was up 0.74 percent to 17, 322.82 in Indian.

Additionally, the Nikkei 225 gained 0.18 percent to 10,257.56 in Tokyo, but the Topix index was down 0.35 percent to 900.95 and the Mothers market dropped 1.11 percent to 437.55.

Banks were lower in Tokyo, with Mitsubishi UFJ (TYO: 8306) down 3.1 percent while Sumitomo Mitsui Financial (TYO: 8316) fell 1.9 percent on worrying reports from several large US banks, which said they are still carrying an overabundance of bad debt on their books along with an analyst forecast that they will likely to continue to do so for some time to come.

Japan Airlines (TYO: 9205) dropped 11 percent on a news report that it is asking for debit relief from creditors.

The Shanghai Composite was down 0.11 percent to 2,976.63 while the Straits Times Index fell 0.15 percent to 2,708 percent and the Hang Seng was 0.31 percent lower to 21,929.9.

In Austraila the Sydney Ordinaries dropped 0.41 percent to 4,842.6 and the S&P/ASX200 was down 0.48 percent to 4,836.4, while the Kospi fell 1.12 percent to 1,640.36 in South Korea.

Markets in China and South Korea saw declines on concerns that interest rates could rise soon, and that when the begin to go up, the increases will be substantial.

Wall Street was lower in early afternoon trade as the Dow Jones Industrial Average fell 0.99 percent to 9,962.96 while at the same time, close to 1 p.m. local time, the Nasdaq Composite had dropped 1.17 percent to 2,147.95 and the S&P 500 was down 1.1 percent to 1,084.47.

The declines came on disappointing quarterly reports from some U.S. banks and from General Electric (NYSE: GE).

GE reported that revenues did not match expectations, while Bank of America (NYSE: BAC) had a third-quarter loss of $2.24 billion in the quarter although revenue was up by 33 percent.

Crude oil prices were up slightly, while precious metals prices also gained but copper was lower.

Discuss this in the Finance Markets forums

Story link: National Express Group drops 23.14 percent in London

Related financial stories to: National Express Group drops 23.14 percent in London:
Previous: « Euro zone sees 5.8% fall in exports in August
Next: Consumers fuming at banks for financial crisis »

Visited 351 times, 118 so far today

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment