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January 15, 2010    

Barclays leads most London banks lower

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by Elaine Frei
Barclays leads most London banks lower

European equities markets were lower to end the week on Friday.

The FTSE 100 was 0.78 percent lower to 5,455.37 in London, while the FTSE 250 fell 0.31 percent to 9,538.2.

Banks were lower after US bank JPMorgan Chase (NYSE: JPM) reported major losses in the fourth quarter, with Barclays Bank (LSE: BARC) seeing the biggest declines in the London sector, dropping 2.34 percent, while only Royal Bank of Scotland (LSE: RBS) gained on the session, adding 2.06 percent.

Most miners declined as metals prices fell.

The biggest loser in the mining sector was Aquarius Platinum (LSE: AQP), which was down 3.63 percent on the 250, while over on the 100 Kazmakhys (LSE: KAZ) fell 2.76 percent and Xstrata (LSE: XTA) dropped 2.58 percent.

Gem Diamonds (LSE: GEMD) was one of just three gainers among miners, adding 0.52 percent on the session.

The best performance of the day in London came from media group Daily Mail and General Trust (LSE: DMGT), which added 5.42 percent on the 250, while the 100’s best performer was International Power (LSE: IPR), which was up 4.07 percent.

Defense technology group QinetiQ Group (LSE: QQ) had the worst day in London and on the 250, falling 12.03 percent, while investment manager Man Group dropped 6.9 percent for the biggest decline on the 100.

The FTSE Eurofirst 300 was down 1.09 percent to 1,051.95 while the IBEX fell 1.29 percent to 11,845, the CAC-40 was 1.53 percent lower to 3,954.38 and the Dax dropped 1.89 percent to 5,875.97.

More Asia-Pacific region markets were higher than lower on the session.

The Nikkei 225 was up 0.68 percent to 10,982.1 in Tokyo, bringing its gains for the week to 1.7 percent in its seventh consecutive week of gains, while the Topix index added 0.77 percent to 966.4 and the Mothers market gained 1.79 percent to 421.89.

The technology sector saw gains after US chipmaker Intel (NAS: INTC) issued a 4th quarter outlook that was better than anticipated.

Tokyo Electron (TYO: 8035) was up 2.2 percent while Advantest (TYO: 6857) and TDK Corp (TYO: 6762) each added 2.6 percent.

The Sydney Ordinaries added just 0.1 point to 4,929.5 in Australia, while the S&P/ASX200 was up just 0.03 percent to 4,899.6.

In China, the Shanghai Composite was 0.27 percent higher to 3,224.15 while the Taiex was up 0.81 percent to 8,356.89 and the Kospi gained 0.95 percent to 1,701.8.

Decliners in the region included the Straits Times Index, which fell 0.04 percent to 2,908.42 while the Sensex was down 0.17 percent to 17,554.3 and the Hang Seng dropped 0.29 percent to 21,654.16.

New York markets were lower in midday trade, with the Dow Jones Industrial Average down 1.29 percent to 10,572.62 while the S&P 500 had dropped 1.35 percent to 1,132.98 and the Nasdaq Composite was 1.47 percent lower to 2,282.78.

Crude oil and metals prices were lower at midday in New York.

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