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24th of October 2010
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October 22, 2010    

TUI Travel advances on FTSE 100

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by Elaine Frei
TUI Travel advances on FTSE 100

European equities markets were lower Friday, falling as analysts and investors remained unconvinced that new moves by central banks will be enough to set the economy on the road to a sustainable recovery, with these concerns outweighing a new Ifo business climate index reading that was up to 107.6 in October from 106.8 in September and better than an expected decline to 106.5.

The FTSE 100 was up 0.29 percent to 5,741.37 in London, while the FTSE 250 added 10,894.7.

TUI Travel (LSE: TT) lead gains on the 100, adding 3.17 percent to also lead advances in a mixed travel and leisure sector, while fellow travel agent Thomas Cook Group (LSE: TCG) fell 1.85 percent and bus transport operator Stagecoach Group (LSE: SGC) dropped 4.4 percent after two days of gains for the worst performance in the sector.

Micro Focus International (LSE: MCRO) added 7.58 percent to lead gains on the 250 on media reports that the software and IT might receive a bid from US-based computer giant International Business Machines (NYSE: IBM).

Consumer goods manufacturer Reckitt Benckiser (LSE: RB) turned in the worst performance on the 100, falling 4.62 percent, while real estate developer Daejan Holdings (LSE: DJAN) was down 5.88 percent for the worst result in its sector.

Homebuilder Taylor Wimpey (LSE: TW) was down 4.1 percent.

There were twice as many decliners as gainers in the mining sector, where Kenmare Resources (LSE: KMR) was the best performer as it added 2.38 percent and Hochschild Mining had the worst day as it dropped 3.57 percent.

Vedanta Resources (LSE: VED) dropped 1.91 percent after Bank of America Merrill Lynch cut its recommendation on the miner from “buy” to “neutral”, citing possible delays in the deal for the copper miner to buy a controlling stake in Cairn India Ltd, the Indian unit of Cairn Energy (LSE: CNE).

The FTSE Eurofirst 300 was down 0.36 percent to 1,089.29 while the Dax fell 0.08 percent to 6,605.84 and the CAC-40 dropped 0.25 percent to 3,868.54, but the IBEX added 0.3 percent to 10,924.8 in Madrid.

Markets in the Asia-Pacific region were mostly higher, helped as first-time jobless claims in the US fell by 23,000 last week and on quarterly corporate results that pleased investors.

The Nikkei 225 added 0.54 percent to 9,426.71 in Tokyo, while the Topix index was up 0.55 percent to 824.88 and the Mothers market gained 1.54 percent to 350.32.

Consumer electronics giant Sony (TYO: 6758) was up 1 percent while Panasonic Corp (TYO: 6752) added 1.85 percent, while camera and copier maker Canon (TYO: 7751) was 1.61 percent higher.

Among carmakers, Toyota Motor (TYO: 7203) gained 0.9 percent and Mazda Motor (TYO: 7261) added 1.42 percent, but Honda Motor (TYO: 7267) was 1.02 percent lower.

Also seeing gains in the region were the Straits Times Index, which was up 0.32 percent to 3,173.57 while the Taiex added 0.45 percent to 1,897.31 in Taiwan.

Australia’s markets were higher, with the Sydney Ordinaries gaining 0.49 percent to 4,719.6, while the S&P/ASX200 was 0.55 percent higher to 4,648.2.

South Korea’s Kospi added 1.21 percent to 1,897.31.

On the other hand, the Shanghai Composite was down 0.28 percent to 2,975.04, India’s Sensex dropped 0.47 percent to 20,165.9 and the Hang Seng was 0.56 percent lower to 23,517.5.

New York equities markets were mixed in midday trade as the Dow Jones Industrial Average dropped 0.23 percent to 11,120.5 but the S&P 500 added 0.09 percent to 1,181.27 and the Nasdaq Composite gained 0.63 percent to 2,475.22, helped by positive results from computer-related companies.

Crude oil prices were higher at midday on worries that Tropical Storm Richard could strengthen and cause production interruptions in the Gulf of Mexico and as France imported more fuel to relieve shortages cause by a refinery strike there.

Precious metals were slightly lower, with gold down as investors hesitated to make deals before they heard the conclusions of a meeting of G20 finance ministers in South Korea, but copper prices were up a cent at midday.

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