Cruise operator Carnival leads gains on 100

| October 26, 2010
Cruise operator Carnival leads gains on 100

Disappointing quarterly reports and forecasts pushed European markets lower Tuesday, while a new report from the UK’s Office for National Statistics said that the UK’s gross domestic product was up 0.8 percent in the third quarter, a smaller gain than the 1.2 percent growth recorded in the second quarter of the year.

The FTSE 100 was 0.78 percent higher to 5,707.3 in London, while the FTSE 250 added 0.34 percent to 10,940.7.

Transport-related shares in the travel and leisure sector were the biggest gainers on both the 100 and the 250 as cruise line operator Carnival (LSE: CCL) added 4.3 percent on the 100 after US-based Royal Caribbean Cruises (NYSE: RCL) upped its profits forecast, while transport company Go-Ahead Group (LSE: GOG) gained 6.68 percent on the 250 after it reiterated is full-year outlook.

Elsewhere in the travel and leisure sector, pubs operator Punch Taverns (LSE: PUB) was the worst performer, dropping 4.52 percent, while Enterprise Inns (LSE: ETI) was also lower, falling 1.14 percent.

The energy sector was mostly lower, led down by Cairn Energy (LSE: CNE), which dropped 7.16 percent for the worst performance on the 100 after the oil and gas explorer said that two wells it drilled in waters off Greenland showed no commercial promise.

There were only four gainers in the energy sector, led by wind turbine gearbox manufacturer Hansen Transmissions International (LSE: HSN), which added 1.5 percent.

Likewise, only four companies advanced in the mining sector, led by Aquarius Platinum (LSE: AQP) with a gain of 0.98 percent, while BHP Billiton (LSE: BLT) turned in the worst performance in the sector as it dropped 2.49 percent.

The biggest decline on the 250 came from software maker Fidessa Group (LSE: FDSA), which dropped 8.01 percent after it warned of “uncertainty” in its markets.

In the semiconductors sector, ARM Holdings (LSE: ARM) fell 5.91 percent after it said that its operating costs rose 23 percent in the third quarter from the same period last year.

The FTSE Eurofirst 300 was down 0.15 percent to 1,090.56 while the Dax fell 0.38 percent to 6,613.8, the CAC-40 was 0.45 percent lower to 3,852.66 and the IBEX dropped 0.67 percent to 10,797.8.

Most markets in the Asia-Pacific region saw declines on concerns about the appreciation of the yen and how that will affect earnings by Japanese exporters.

In Tokyo, the Nikkei 225 was 0.25 percent lower to 9,377.38, while the Topix index fell 0.4 percent to 817.94 and the Mothers market was 0.69 percent lower to 351.56.

Carmaker Toyota Motor (TYO: 7203) was down 0.93 percent and Mazda Motor (TYO: 7261) dropped 1.88 percent, while Denso Corp (TYO: 6902), which supplies parts to Toyota, was 1.66 percent lower.

Consumer electronics manufacturer Sony (TYO: 6758) added 0.66 percent on the possibility that it could be a target for bidders, but Sony would not comment on the rumors.

Camera and copier maker Canon (TYO: 7751) was down 1.07 percent on the session, while industrial robot manufacturer Fanuc (TYO: 6954) was 1.16 percent lower and construction machinery maker Komatsu (TYO: 6301) dropped 2.34 percent.

Utilities were up, with Kansai Electric Power Co (TYO: 9503) adding 1.03 percent while Chubu Electric Power Co (TYO: 9502) was 1.24 percent higher and Osaka Gas Co (TYO: 9532) gained 2.05 percent.

The Hang Seng was down 0.11 percent to 23,601.2 in Hong Kong while the Shanghai Composite fell 0.32 percent to 3,041.54 and India’s Sensex was 0.4 percent lower to 20,221.4.

The Sydney Ordinaries also dropped 0.4 percent, to 4,761.5, in Australia, where the S&P/ASX200 also declined, falling 0.47 percent to 4,687.8.

The Straits Times Index was down 0.62 percent to 3,162.51 in Singapore.

South Korea’s Kospi was up 0.19 percent to 1,919.41 while the Taiex was 0.44 percent higher to 8,343.23 in Taiwan.

New York markets were mixed in early afternoon trade as the Dow Jones Industrial Average dropped 0.06 percent to 11,157.8 while the S&P 500 was also down 0.06 percent to 1,184.89, but the Nasdaq composite was 0.28 percent higher to 2,497.84.

Crude oil prices were down slightly just before 1 p.m., while in metals markets silver and copper were both higher but gold had dropped $1.30 to $1,337.60 per troy ounce on a slightly stronger dollar.

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