Asset managers Schroders leads gains on 100

| November 9, 2010
Asset managers Schroders leads gain on 100

European equities markets were higher Tuesday as good corporate results helped investors in the region ignore the increasing likelihood that Ireland could need a bailout soon.

The FTSE 100 was up 0.43 percent to 5,875.19 in London, while the FTSE 250 added 0.54 percent to 11,106.9.

Asset managers Schroders (LSE: SDR, SDRt) saw both voting and non-voting shares advance as voting shares led gainers on the 100, adding 5.51 percent while non-voting shares were up 4.39 percent.

The worst performer on the 100 was hotels operator InterContinental Hotels Group (LSE: IHG), which fell 5.16 percent to lead declines in the travel and leisure sector after it said operating profits were down 7 percent in the third quarter.

The best performance in travel and leisure, on the other hand, came from casino operator and online gambler Rank Group (LSE: RNK), which added 2.6 percent.

Miners were higher, led by gold miner Petropavlovsk (LSE: POG), which added 8.33 percent for the best performance of the session on the 250, followed by another gold miner, Centamin Egypt (LSE: CEY) with a gain of 6.45 percent, while Randgold Resources (LSE: RRS) was up 4.59 percent on the 100 after it said that third-quarter profits more than doubled on higher gold prices.

The only decliner in the mining sector was nickel miner Talvivaara Mining Company (LSE: TALV), down 1.08 percent.

The biggest decline on the 250 came from directories publisher Yell Group, which fell 20.5 percent in the media sector, which was otherwise higher except for two online services, as online financial service price comparison site Moneysupermarket.com Group (LSE: MONY) fell 1.13 percent and online real estate listings finder and information portal Rightmove (LSE: RMV) dropped 1.2 percent.

The FTSE Eurofirst 300 was up 0.6 percent to 1,117.46, while the Dax added 0.55 percent to 6,787.81, the CAC-40 was 0.82 percent higher to 3,945.71 and the IBEX gained 1.15 percent to 10,409.8.

Markets in Asia and the Pacific were mixed on the session.

The Nikkei 225 was 0.39 percent lower to 9,694.49 in Tokyo, while the Topix index fell 0.21 percent and the Mothers market dropped 0.24 percent to 363.45 as the yen strengthened, hurting exporters.

Printer manufacturer Kyocera (TYO: 6971) and camera and copier maker Canon (TYO: 7751) each dropped 1.3 percent, while camera manufacturer Olympus Corp (TYO: 7733) was 4.2 percent lower.

Carmaker Toyota Motor (TYO: 7203) was down 0.4 percent, industrial robot manufacturer Fanuc (TYO: 6954) fell 1 percent, consumer electronics group Panasonic (TYO; 6752) was 1.8 percent lower and oil company Inpex (TYO: 1605) dropped 2.2 percent on the session.

Other decliners included the Shanghai Composite, which was down 0.78 percent to 3,135 after the China’s State Administration of Foreign Exchange said it plans to put new rules in place to control foreign investments there, and on separate but unattributed reports in the media claimed that provincial regulators could be allowed to cap home prices and profits to developers if home prices go up significantly.

Meanwhile in Austraila, the Sydney Ordinaries dropped 0.71 percent to 4,820.8 and the S&P/ASX200 was 0.79 percent lower to 4,740.7, while the Hang Seng was down 1.02 percent to 24,710.6 in Hong Kong.

Taiwan’s Taiex added 0.18 percent to 8,445.63, the Kospi was up 0.26 percent to 1,947.46 in South Korea, India’s Sensex was 0.38 percent higher to 20,932.5 and the Straits Times Index gained 0.4 percent to 3,313.61 in Singapore.

New York markets were lower in midday trade as the Dow Jones Industrial Average was down 0.3 percent to 11,372.5 while the S&P 500 had dropped 0.29 percent to 1,219.73 and the Nasdaq Composite was 0.17 percent lower to 2,575.62.

At just before 1 p.m. in New York, West Texas Intermediate crude oil was down a cent but Brent crude was last reported up 13 cents in London trade.

Metals prices were higher, with gold well in record territory as it traded nearly $20 higher to $1,442.90 per troy ounce at nearly 1 p.m. in New York on concerns about debt problems in Europe.

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