|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Saturday 15th of May 2010
May 11, 2010    

Enterprise Inns leads gains in declining London markets

Bookmark and Share

by Elaine Frei
Enterprise Inns leads gains in declining London markets

Most European equities markets reversed course Tuesday and resumed declines after a day of big gains on Monday after it was announced that the European Union had agreed to a bailout package for Greece, and after UK Prime Minister Gordon Brown offered Monday to step down from office before his Labour Party’s convention in September but denied on Tuesday that he would offer his resignation anytime soon,

The session’s declines came on concerns that the aid package will not be enough to save the region from mounting debt, as well as on concerns that inflation in China, which was reported up last month again, will force the government there to raise interest rates.

The FTSE 100 was down 0.99 percent to 5,334.21 in London, while the FTSE 250 was 0.28 percent lower to 9,976.86.

The biggest gain in London came from pubs operator Enterprise Inns (LSE: TI) which added 14.09 percent, after gaining nearly 12 percent Monday, on the announcement that it had refinanced its debt and that it had made a profit in its fiscal first half, while Punch Taverns (LSE: PUB) was up 5.57 percent.

Online gamblers were also higher as PartyGaming (LSE: PRTY) added 4.06 percent and 888 Holdings (LSE: 888) was up 3.84 percent, but airlines and travel agents declined.

Most miners were lower on the session with declines led by a 4.15 percent drop for Kazakymys (LSE: KAZ), but Randgold Resources (LSE: RRS) led gainers on the 100 as it added 5.2 percent.

Capital & Counties Properties (LSE: CAPC), newly demerged from Liberty International, which is now known as Capital Shopping Centres Group (LSE: CSC), fell 8.21 percent to lead declines on the 100, while telecommunications company Spirent Communications (LSE: SPT) was the biggest decliner on the 250 as it dropped 4.37 percent.

Banks were lower in the UK and elsewhere in the region, with Royal Bank of Scotland leading declines in the London sector as it dropped 3.38 percent while Commerzbank (FWB: CBK) turned in the worst performance on the Dax as it fell 2.38 percent and BNP Paribas (Euronext: BNP) was down 2.32 percent for the worst result of the day on the CAC-40.

Additionally, Allied Irish Banks (ISEQ: ALBK) was 4.2 percent lower and Banco Santander (BMAD: SAN) dropped 6.1 percent.

The FTSE Eurofirst 300 was down 0.38 percent to 1,034.99 while the CAC-40 was down 0.73 percent to 3,693.2 and te IBEX dropped 3.32 percent to 10,008.6, but the Dax managed to gain 0.33 percent to 6,037.71.

Markets in the Asia-Pacific region resumed their slide Tuesday after a day of gains Monday after a report ithat consumer prices were up 2.8 percent overall in China last month over April of last year and that property prices there were 12.8 percent higher, spurring concerns that China will raise interest rates in an attempt to rein in inflation.

The Nikkei 225 fell 1.14 percent to 10,411.1 in Tokyo, while the Topix index was down 1.33 percent to 932.1 and the Mothers market dropped 3.67 percent to 458.44.

Japanese firms that do business in China were hurt by the inflation concerns, with Hitachi Construction Machinery (TYO: 6305) down 2.5 percent while construction machinery manufacturer Komatsu (TYO: 6301) dropped 3.4 percent.

Banks in Japan declined on the possibility that Mizuho Financial Group (TYO: 8411) might offer new shares worth ¥1 trillion ($11 billion) with Mizuho down 4.7 percent, wile Sumitomo Mitsui Financial Group (TYO: 8316) fell 3.6 percent and Mitsubishi UFJ (TYO: 8306) was 1.7 percent lower.

Bucking the general downward trend, Sumitomo Heavy Industries (TYO: 6302) added 3.9 percent on the session after it issued an optimistic outlook and said it has plans to build a new factory in Indonesia.

Elsewhere in the region, South Korea’s Kospi was down 0.44 percent to 1,670.24, the Taiex dropped 0.73 percent in Taiwan, the Straits Times Index fell 0.79 percent to 2,857.67 in Singapore, and the Sensex was 1.09 percent lower to 17,141.53 in India.

Australia’s markets fell as declines in copper prices sent miners lower, with the Sydney Ordinaries dropping 1.06 percent to 4,573.2 on the session, while the S&P/ASX200 was 1.13 percent lower to 4,548.

The Hang Seng was down 1.37 percent to 20,146.51, while the Shanghai Composite dropped 1.9 percent to 2,647.57 as property groups listed in Shanghai and Hong Kong were lower on interest rate concerns and Chinese airlines declined on worries about more flight cancellations as a volcano in Iceland continues to erupt, emitting ash into the air.

New York markets were up in early afternoon trade after early declines, helped by good results from Toyota Motor’s (NYSE: TM) New York-listed shares and from consumer products company Church & Dwight (NYSE: CHD), by anticipation of results from Walt Disney Co (NYSE: DIS), due after the day’s session, and by the announcement of a stock-buyback program worth as much as $5 billion from biotech group Gilead Sciences (NAS: GILD).

At just past 1 p.m. in New York, the Dow Jones Industrial Average was up 0.49 percent to 10,837.59, while the S&P 500 had added 0.56 percent to 1,166.18 and the Nasdaq Composite was 0.91 percent higher to 2,396.31.

The price of crude oil was up slightly at early afternoon in New York, while at the same time precious metals were higher but copper prices had declined.

Discuss this in the Finance Markets forums

Story link: Enterprise Inns leads gains in declining London markets




Related financial stories to: Enterprise Inns leads gains in declining London markets:
Previous: «
Next: »

Visited 721 times, 4 so far today

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment

Tags: , , , ,