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August 26, 2010    

Developer SEGRO declines on industrial vacancies

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by Elaine Frei
Developer SEGRO declines on industrial vacancies

European equities markets were up Thursday as investors were cheered by a US Labor Department report showing that there were 31,000 fewer first-time filings for unemployment benefits in the US last week, the first decline in a month as 473,000 people claimed jobless benefits for the first time.

The FTSE 100 was up 0.91 percent to 5,155.84 in London, while the FTSE 250 added 0.57 percent to 9,677.94.

Constituents of the real estate sector led declines on both the 100 and the 250 as property investor and developer SEGRO (LSE: SGRO) fell 3.78 percent on the 100, after it said vacancies had increased in its industrial properties, while real estate services provider Savills (LSE: SVS) topped decliners on the 250 and in London as it dropped 5.39 percent.

Other decliners in the real estate sector included a 2.88 percent drop for Big Yellow Group (LSE: BYG), while industrial property investor Hansteen Holdings (SLE: HSTN) was 2.62 percent lower.

Most miners were higher, led by Kazakhmys (LSE: KAZ) with a gain of 5.22 percent to lead advances on the 100, while gold and silver miner Fresnillo (LSE: FRES) was up 4.76 percent and Antofagasta (LSE: ANTO) added 3.53 percent.

Only iron-ore miner Ferrexpo (LSE: FXPO) and nickel miner Talvivaara Mining company (LSE: TALV) saw declines in the mining sector, dropping 0.07 percent and 0.23 percent respectively.

The energy sector was also mostly higher, led by Amec (LSE: AMEC), which provides engineering services to the energy industry, with a gain of 5.07 percent after it said that its net income added 36 percent on higher sales, while the worst performer in the sector was oil rig builder and refurbisher Lamprell (LSE: LAM), which dropped 1.48 percent.

Also in the energy sector, BP (LSE: BP) added 2.79 percent after Credit Suisse repeated its “outperform” rating on the oil company and urged its clients to consider buying shares, citing low valuations.

Business processing service provider Xchanging (LSE: XCH) added 12.55 percent to lead gains in London after falling 11 percent yesterday.

The FTSE Eurofirst 300 was up 0.78 percent to 1,019.22, while the Dax added 0.22 percent to 5,012.58, the CAC-40 was 0.72 percent higher to 3,475.03 and the IBEX gained 1.12 percent to 10,004.4.

Markets in the Asia-Pacific region were mixed Thursday as investors looked for bargains after several days of declines.

The Nikkei 225 added 0.69 percent to 8,906.48 in Tokyo, while the Topix index was up 0.55 percent to 811.79 and the Mothers market gained 0.65 percent to 361.6 as the yen weakened, allowing some exporters to make gains.

Among motor vehicle manufacturers, Toyota Motor (TYO: 7203) was up 0.62 percent, while Honda Motor (TYO: 7267) added 1.77 percent and Suzuki Motor (TYO: 7269) gained 2.89 percent on plans for its India motorcycle manufacturing subsidiary to double capacity to 540,000 units by 2011.

Camera and copier maker Canon (TYO: 7751) added 1.3 percent, while conglomerate Kyocera (TYO: 6971) was 1.97 percent higher on a deal to supply solar modules to Hokkaido Electric Power Co (9509).

Yahoo Japan Corp (TYO: 4689) gained 5.7 percent after Mizuho Securities raised its recommendation on the internet search engine from “neutral” to “outperform”.

Shippers saw declines after shipping rates fell, with Kawasaki Kisen Kaisha (TYO: 9107) fell 0.9 percent while Mitsui OSK Lines (TYO: 9104) was down 1.1 percent on a Mizuho Securities downgrade from “outperform” to “underperform” and Nippon Yusen (TYO: 9101) dropped 1.2 percent.

Other gainers in the region included India’s Sensex, which was up 0.26 percent to 18,226.35 while the Shanghai Composite added 0.27 percent to 2,603.48.

Australian markets advanced as the Sydney Ordinaries gained 0.75 percent to 4,389.4 and the S&P/ASX200 was 0.83 percent higher to 4,356.

The Straits Times Index was up 0.02 percent to 2,925.87, Hong Kong’s Hang Seng fell 0.11 percent to 20,612.06, the Kospi was 0.29 percent lower to 1,729.76 in South Korea and Taiwan’s Taiex dropped 0.61 percent to 7,689.74.

New York markets were lower in midday traded after having been up earlier in the session, with declines coming after a four-week average of new jobless claims was at a 9-month high, making the decline in last week’s US jobless claims numbers look less significant.

At just before 1 p.m. in New York, the Dow Jones Industrial Average was down 0.29 percent to 10,030.54 while the S&P 500 had dropped 0.26 percent to 1,052.56 and the Nasdaq Composite was 0.44 percent lower to 2,132.15.

Crude oil prices were higher in New York and London, while gold declined in midday trade but copper and silver prices were both higher.

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