Exillon Energy drops 20 percent

| September 23, 2011 | 0 Comments
Exillon Energy drops 20 percent

Most European equities markets were higher Friday, but did not come anywhere near making back declines from earlier in the week, with banks mostly higher even though Moody’s Investors Service cut the credit ratings on eight Greek banks.

The FTSE 100 was up 0.5 percent to 5,066.81 in London, but the FTSE 250 was down 0.74 percent to 9,815.5, largely due to a decline of 20.46 percent for Exillon Energy (LSE: EXI) in a mostly lower energy sector, where the best performance came from Tullow Oil, which added just 2.13 percent.

Most miners were also lower, with Centamin Egypt (LSE: CEY) turning in the worst performance as it dropped 5.58 percent, while three of the biggest decliners on the 100 were from the sector as Randgold Resources (LSE: RRS) was down 4.73 percent, Fresnillo (LSE: FRES) declined by 4.27 percent and Kazakhmys (LSE: KAZ) was 3.84 percent lower.

BHP Billiton (LSE: BLT) led three gainers in the sector as it added 1.73 percent.

Barclays (LSE: BARC) led gains on the 100 and in a mostly higher banking sector as it added 5.15 percent, while Lloyds Banking Group (LSE: LLOY) and Royal Bank of Scotland Group (LSE: RBS) were also among the top five gainers on the index as they gained 5.03 percent and 3.54 percent respectively, but Standard Chartered (LSE: STAN) was down 1.28 percent.

Engineering specialists Weir Group (LSE: WEIR) was the biggest decliner on the 100, dropping 6.25 percent.

Over on the 250, the best performance came from the telecommunications sector, where COLT Group (LSE: COLT) added 6.96 percent, followed by a gain of 6.32 percent for auto parts retailer Halfords Group (LSE: HFD).

The travel and leisure sector was mixed as air carrier easyJet (LSE: EZJ) added 3.53 percent for the best performance in the sector but travel agent Thomas Cook Group (LSE: TCG) dropped 7.01 percent to lead declines in the sector, just ahead of Enterprise Inns (LSE: ETI), which was 6.12 percent lower.

The FTSE Eurofirst 300 was up 0.65 percent to 880.97 while the Dax added 0.63 percent to 5,196.56, the CAC-40 was 1.02 percent higher to 2,810.11 and the IBEX gained 2.12 percent to 7,996.9.

Despite their majority ownership of two of the Greek banks downgraded by Moody’s, Societe Generale (Euronext: GLE) added 8.76 percent on the CAC-40, while Credit Agricole (Euronext: ACA) was up 4.79 percent.

While Tokyo’s markets were closed in observance of the Autumnal Equinox, other markets in Asia and the Pacific region were lower again as concerns about economic growth remained.

The Shanghai Composite was down 0.41 percent to 2,433.16, Singapore’s Straits Times Index fell 0.8 percent to 2,698.8, the Sensex was 1.22 percent lower to 16.162.1 in India, Hong Kong’s Hang Seng dropped 1.36 percent to 17,668.8, Australia’s markets were lower as the S&P/ASX200 was down 1.56 percent to 3,903.2 and the Sydney Ordinaries declined by 1.64 percent to 3,978.5, the Taiex was 3.55 percent lower to 7,046.22 in Taiwan, and South Korea’s Kospi dropped 5.73 percent to 1,697.44.

New York equities markets were mixed in midday trade, with the Dow Jones Industrial Average down 0.01 percent at nearly 1 p.m. local time, but the S&P 500 had added 0.42 percent to 1,134.36 and the Nasdaq Composite was 0.65 percent higher to 2,471.71.

Crude oil prices were lower as November contracts for West Texas Intermediate crude dropped 36 cents to $80.51 per barrel in midday trade on the New York Mercantile Exchange, while Brent crude was lately 81 cents lower to $104.68 per barrel.

Metals prices were significantly lower as December contracts for gold dropped $79.40 to $1.662.30 per troy ounce in New York as investors sold holdings to raise cash, while some analysts called the recent deep declines for the precious metal a “correction”, and December silver was down $4.16 to $32.42 per troy ounce.

December contracts for copper were 17 cents lower to $3.32 per pound in New York trade, while three-month contracts for the metal used in manufacturing and construction dropped $314 to $7,360 per tonne on the London Metal Exchange after going as low as $7,115.75 per tonne.

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