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November 10, 2010    

Miner Lonmin drops most on FTSE 100

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by Elaine Frei
Miner Lonmin drops most on FTSE 100

Equities markets in Europe were lower Wednesday on concerns about deficits in some European nations and on worries that China’s recent efforts to cool inflation will hurt economic growth globally.

The FTSE 100 was 0.99 percent lower to 5,816.94 in London, while the FTSE 250 dropped 1.01 percent to 10,994.5.

Miners were lower on declining prices for base metals, with four of the top five decliners on the 100 in the mining sector, led by Lonmin (LSE: LMI) with a drop of 4.65 percent and followed by Antofagasta (LSE: ANTO), which was 3.83 percent lower while Kazakhmys (LSE: KAZ) was down 3.8 percent and Eurasian Natural Resources fell 3.67 percent.

Over on the 250, Kenmare Resources (LSE: KMR) was the best performer and one of only two gainers in the mining sector adding, 5.74 percent, while Hochschild Mining (LSE: HOC) was the biggest decliner among miners, dropping 5.18 percent.

The energy sector was also mostly lower, with EnQuest (LSE: ENQ) the worst performer in the sector as it dropped 3.87 percent, while SOCO International (LSE: SIA) was the best of only six gainers in the sector, adding 5.13 percent.

Utilities were mixed, but Scottish & Southern Energy (LSE: SSE) led gains on the 100 as it added 3.76 percent after doing better than expected in the first half, followed by a 1.3 percent gain for National Grid (LSE: NG), while Northumbrian Water Group (LSE: NWG) turned in the worst performance in the utilities sector, dropping 1.59 percent.

Over on the 250, IT services group Computacenter (LSE; CCC) topped the gainers list as it added 8 percent, while the worst performer on the index was retailer JD Sports Fashion (LSE: JD) with a decline of 5.81 percent.

Banks were down on the session, led by Royal Bank of Scotland (LSE: RBS), which was down 3.63 percent.

Conveyor belt manufacturer Fenner (LSE: FENR) was up 4.65 percent after full-year results on sales, net income and revenues were all better than had been anticipated.

The FTSE Eurofirst 300 was down 0.69 percent to 1,109.54 while the Dax fell 1 percent to 6,719.84, the CAC-40 was 1.45 percent lower to 3,888.45 and the IBEX dropped 1.68 percent to 10,235.4.

Markets were mixed in the Asia-Pacific region as banks in Japan did well on rumors that the G20 leaders, who will be meeting this weekend in Seoul, South Korea, could attempt to make some large banks in Asia exempt from new, stricter regulations, including higher requirements for capital reserves, based on the fact that nearly all their assets are domestic.

On the other hand, Chinese banks listed in Hong Kong did poorly on reports, confirmed after the close of trade, that the government there has required some lenders to increase their reserve rates beginning 15 November due to rising inflation there.

The Nikkei 225 was 1.4 percent higher to 9,830.52 in Tokyo, while the Topix index added 1.55 percent to 852.98 and the Mothers market gained 1.01 percent to 367.13.

Among the banks seeing gains were Mitsubishi UFJ (TYO: 8306), which added 4.2 percent while Sumitomo Mitsui Financial Group (TYO: 8316) was up 5.9 percent and Mizuho Financial Group (TYO: 8411) gained 7.6 percent.

Exporters were up as the yen weakened versus the US dollar, with Toyota Motor (TYO: 7203) up 2.3 percent while Advantest (TYO: 6857) was 2.4 percent higher and Canon (TYO: 7751) added 3.1 percent.

Also seeing gains on the session were Taiwan’s Taiex, which gained 0.06 percent to 8,450.63, while the Kospi was up 1.05 percent to 1,967.85 in South Korea.

India’s Sensex was down 0.27 percent to 20,875.7, while the Shanghai Composite fell 0.63 percent to 3,115.36, the Straits Times Index was 0.74 percent lower to 3,289.24 in Singapore, and the Hang Seng dropped 0.85 percent in Hong Kong.

Among the Hong Kong-listed Chinese banks that saw declines, Industrial and Commercial Bank of China Ltd (SEHK: 1398) was down 1.9 percent and the Bank of Communications (SEHK: 3328) and the Bank of China Ltd (SEHK: 3988) each dropped 2.9 percent.

The Sydney Ordinaries and S&P/ASX200 each fell 0.86 percent, to 4,779.5 and 4,699.8 percent respectively, in Australia.

New York markets were mixed, with the Dow Jones Industrial Average down 0.28 percent to 11,315.20 at just before 1 p.m., while the S&P 500 was 0.11 percent lower to 1,212.07, but the Nasdaq Composite had gone from losses to gains, most recently adding 0.03 percent to 2,563.68.

Crude oil prices were higher, with Brent crude most recently at nearly $89 per barrel, while metals prices were significantly below Tuesday’s closing prices.

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