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Friday 20th of November 2009
November 17, 2009    

Arriva gains most in London

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by Elaine Frei
Arriva gains most in London

European markets were lower Tuesday after metals prices fell as the US dollar strengthened after recent declines.

The FTSE 100 was down 0.68 percent to 5,345.93 in London, while the FTSE 250 dropped 1.28 percent to 9,401.15.

Public transport operator Arriva (LSE: ARI) turned in the best performance of the session on the 250 and in London as it added 6.13 percent, while the 100’s best performer was money broker ICAP (LSE: IAP), which added 3.23 percent on its first half report and on a broker upgrade from “reduce” to “hold”.

Investment managers Man Group (LSE: EMG) dropped most on the 100 as it fell 4.18 percent, while the biggest loser in London was pubs operator Enterprise Inns (LSE: ETI), which was down 8.38 percent on the 250.

In the telecommunications sector, Cable & Wireless (LSE: CW) was up 1.74 percent after it said it would raise £200 million on bond sales.

Utilities made gains as gas company Centrica (LSE: CAN) added 1.86 percent after gas prices rose, while gas and electric utility Scottish & Southern Energy (LSE: SSE) was up 2.01 percent.

Miners decline on the drop in metals prices, with Lonmin (LSE: LMI) down 3.28 percent on the 100.

Most markets in the Asia-Pacific region were lower on the session, but India’s Sensex added 0.11 percent to 17,050.65 and the Shanghai Composite was up 0.24 percent to 3,282.89.

In Tokyo, the Nikkei 225 fell 0.63 percent to 9,729.93 while the Topix index was down 0.4 percent to 857 and the Mothers market dropped 2.86 percent to 373.32.

Textile manufacturer Daiwabo Holdings (TYO: 3107) was down 21 percent for the biggest decline on the Topix after it said it will put new shares up for sale in order to raise up to ¥11.8 billion, while electronics giant Hitachi (TYO: 6501), which also builds nuclear reactors, dropped 2.6 percent after it also announced a sale of stocks and bonds that it hopes will raise ¥418 billion in new cash.

The Hang Seng was 0.13 percent lower to 22,914.15 while the Kospi was down 0.41 percent to 1,585.98, while in Australia the Sydney Ordinaries dropped 0.49 percent to 4,750.2 and the S&P/ASX200 fell 0.54 percent to 4,729.4.

In Singapore, the Straits Times Index was down 0.68 percent to 2,764.95 while Taiwan’s Taiex fell 0.76 percent to 7,733.21.

New York markets were lower in midday trade after retailers expressed caution going into the holiday buying season even though several big retailers have recently turned in third quarter reports that exceeded expectations, while a strengthening dollar also hurt trade.

At just before 1 p.m. in New York the Dow Jones Industrial Average was down 0.02 percent to 10,404.92 while the Nasdaq Composite had dropped 0.12 percent to 2,195.27 and the S&P 500 was 0.21 percent lower to 1,106.92.

The price of gold was down in midday trade in New York, while crude oil was slightly lower during the morning half of the session.

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