Lloyds Banking Group up on profits predicition

| March 19, 2010 | 0 Comments
Lloyds Banking Group up on profits prediction

European equities markets were lower Friday as some in the energy sector and most mining stocks declined with lower prices for raw materials, although London markets saw gains on strong showings by some banks.

Still gains were tempered in London, where the FTSE 100 added 0.13 percent to 5,650.13 and the FTSE 250 gained 0.16 percent to 10,019.77 after an interest rate hike in India.

Lloyds Banking Group (LSE: LLOY) saw the biggest gain in London on the session as it added 8.24 percent after saying that it expects to return to profits this year with fewer bad loans than it had anticipated.

Royal Bank of Scotland (LSE; RBS) was also higher, adding 4.76 percent, but not all London banks saw gains as HSBC Holdings (LSE: HSBA) dropped 0.15 percent and Standard Chartered (LSE: STAN) dropped 0.06 percent.

The energy sector was mixed, with oil explorer Cairn Energy (LSE: CNE) turning in the worst performance with a decline of 2.56 percent after crude prices declined, but oil and gas explorer Melrose Resources (MRS) led the 250 and had the best day in the sector with an advance of 4.84 percent.

Miners were also lower as metals prices fell, with Hochschild Mining (LSE: HOC) doing the worst in the sector with a decline of 3.74 percent on the 250, while Vedanta Resources (LSE: VED) led declines on the 100 as it dropped 3.1 percent.

Only three miners advanced, led by iron-ore miner Ferrexpo (LSE: FXPO) with a gain of 2.43 percent.

The media sector was mostly lower as newspaper and magazine publisher Trinity Mirror (LSE: TNI) led declines on the 250 and in the sector as it fell 6.06 percent, while directories publisher Yell Group (LSE: YELL) was down 3.83 percent, also on the 250.

The FTSE Eurofirst 300 was down 0.4 percent to 1,065.37 while the CAC-40 fell 0.32 percent to 3,925.44, the Dax was 0.5 percent lower to 5,982.43 and the IBEX dropped 0.75 percent to 10,990.8.

Markets in the Asia-Pacific region were higher on the session.

The Nikkei 225 was 0.75 percent higher to 10,824.72 in Tokyo, while the Topix index added 0.87 percent to 948.93 and the Mothers market gained 0.95 percent to 438.85.

Exporters saw gains as electronics giant Sony (TYO: 6758) added 2.6 percent and copier and camera maker Canon (TYO: 7751) was up 2.4 percent.

Carmakers were also higher, with Honda Motor (TYO: 7267) gaining 1.88 percent while Toyota Motor (TYO: 7203) added 1.98 percent.

Property developers saw declines as land prices in Japan fell to their lowest level in 36 years.

Mitsui Fudosan (TYO; 8801) was down 1.8 percent while Mitsubishi Estate (TYO: 8802) dropped 2 percent.

The Straits Times Index was up 0.06 percent to 2,915.7 while Taiwan’s Taiex added 0.15 percent to 7,897.91 and the Hang Seng was 0.19 percent higher to 21,370.82.

In Australia, the S&P/ASX200 was also up 0.19 percent, to 4,872.2 while the Sydney Ordinaries gained 0.25 percent to 4,890.1.

The Shanghai Composite was 0.71 percent higher to 3,067.75 while Korea’s Kospi added 0.65 percent to 1,686.11.

Korean carmaker Kia Motors (KRX: 000270) was up 5 percent on the news that it will increase production in Europe.

New York markets were lower in early afternoon trade as commodities prices fell and after new concerns about the economic situation in Greece sent the US dollar higher versus the euro.

At just before 1:30 p.m. in New York, the Dow Jones Industrial Average was down 0.52 percent to 10,722.64 while the S&P 500 had dropped 0.57 percent to 1,159.16 and the Nasdaq Composite was 0.89 percent lower to 2,370.07.

Crude oil prices were down near $80 per barrel in New York, while metals prices were also lower at early afternoon.

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