Lloyds Banking Group leads London banks lower

| October 26, 2009 | 0 Comments
Lloyds Banking Group leads London banks lower

European equities markets lost ground Monday as banks were among the biggest decliners in London as well as elsewhere in the region.

The FTSE 100 fell 0.97 percent to 5,191.74 in London, while the FTSE 250 was down 1.48 percent to 9,186.1.

Lloyds Banking Group (LSE: LLOY) was the biggest decliner on the 100 as it dropped 7.16 percent, followed by Royal Bank of Scotland (LSE: RBS), which was down 5.65 percent.

The biggest decliner in London was directories publisher Yell Group (LSE: YELL), which dropped 10.27 percent on the 250, although that index also saw the biggest gain of the session in London as household chemicals manufacturer Mcbride (LSE: MCB) added 9.57 percent.

In the telecommunications sector, Cable & Wireless added 3.26 percent for the best performance of the day on the 100.

Nearly all miners saw declines, but gold and silver miner Fresnillo (LSE: FRES) managed a gain of 1.72 percent on the 100, while the only gainer in the travel and leisure sector was brewer and pubs operator Marston’s (LSE: MARS), with a gain of 1.42 percent.

Elsewhere among pubs operators, Punch Taverns (LSE: PUB) dropped 7.37 percent on the 250.

Still in travel in leisure, British Airways (LSE: BAY) dropped 4.81 percent on the 100 while cruise lines operator Carnival (LSE: CCL) was down 4.23 percent followed Punch Taverns as the biggest losers in the sector.

The FTSE Eurofirst 300 was down 1.12 percent to 997.61 while the IBEX fell 1 percent to 11,622.6, the CAC-40 was 1.68 percent lower to 3,744.45 and had only four gainers, while the Dax dropped 1.71 percent and managed only one gainer on the session.

Most markets in the Asia-Pacific region were higher on the session, but in Australia the Sydney Ordinaries were down 0.56 percent to 4,832.6 and the S&P/ASX200 dropped 0.6 percent to 4,930.3 as miner and oil explorer BHP Billiton (ASX: BHP) dropped 1.2 percent and shares in other oil companies also lost value after oil prices declined.

Additionally, the Sensex was 0.42 percent lower to 16,740.5 in India.

The Nikkei 225 was up 0.77 percent to 10,362.62 in Tokyo, while the Topix index added 0.96 percent to 910.72 and the Mothers market gained 0.35 percent to 450.18.

In the pharmaceuticals sector, Shionogi (TYO: 4507) was up by more than 3 percent after an emergency approval by the US Federal Drug Administration of a new flu drug it developed in cooperation with a US company.

Shin-Etsu Chemical (TYO: 4063), which provides silicon for computer chips, dropped 2 percent on a disappointing first-half report due to decreased demand after two chipmakers filed for bankruptcy.

Banks and most exporters were higher, with exporters helped by a weaker yen.

The Straits Times Index was up 0.05 percent to 2,716.62 while the Shanghai Composite added 0.06 percent to 3,109.57 and the Taiex was 0.25 percent higher to 7,668.4.

The Kospi gained 1.03 percent to 1,657.11 on the news that South Korea’s gross domestic product was up 2.9 percent in the third quarter over the second quarter, its fastest growth in seven years and a full percentage point better than had been expected.

Hong Kong markets were closed for a holiday.

Wall Street also saw declines as the dollar strengthened, sending prices for oil and metals lower.

The Dow Jones Industrial Average was down 0.99 percent to 9,873.78 in early afternoon trade in New York, while the Nasdaq Composite was 0.65 percent lower to 2,140.55 and the S&P 500 had dropped 1.09 percent to 1,067.88.

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