Antofagasta leads miners higher in London

| July 28, 2008 | 0 Comments
Antofagasta leads miners higher in London

European equities markets Monday were lower Monday on concerns that there will be more losses for banks in the credit crisis and that the global economy will continue to slow because of those losses.

The 100 was down 0.75 percent to 5,312.6 while the FTSE 250 dropped 1.7 percent to 8,716.7 as most in the mining and oil sectors saw gains but insurers, the real estate and travel and leisure sectors, and most retailers saw declines.

Declines in London were limited by gains in the mining sector, where Antofagasta (LSE: ANTO) led the FTSE 100 with a gain of 7.14 percent as metals prices rose on the session.

In the wider European markets, the FTSE Eurofirst 300 was down 0.9 percent to 1,159.03 while Madrid’s IBEX fell 0.91 percent to 11,484.6, the Paris CAC-40 was 1.2 percent lower to 4,324.45 and the Dax dropped 1.33 percent to 6,351.15 in Frankfurt.

Equities markets in the Asia-Pacific region were mixed, but among individual companies gains outpaced declines by around 4 winning stocks for every three that declined.

Tokyo’s markets saw gains, with the Nikkei up 0.14 percent to 13,353.78 while the Topix index added 0.19 percent to 1,300.79 and the Mothers market of small and mid caps gained 2.97 percent to 533.55.

Other gainers in the region included South Korea’s Kospi index, which added 0.02 percent to 1,598.29 while India’s Sensex was 0.52 percent higher to 14,349.11 and the Shanghai Composite gained 1.32 percent to 2,903.01.

The Hang Seng, on the other hand, was down 0.24 percent to 22,687.21, the Straits Times Index fell 0.43 percent to 2,910.36, and Taiwan’s Taiex was 1.82 percent lower to 7,233.62.

In Australia the Sydney Ordinaries dropped 0.82 percent to 4,989.9 and the S&P/ASX200 was down 0.97 percent to 4,922.9 on declines in the financial sector.

In early afternoon trade in New York, the Dow Jones Industrial Average had dropped 1.45 percent to 11,206.06 while the Nasdaq Composite was down 1.17 percent to 2,283.49 and the S&P500 was 0.91 percent lower to 1,246.28.

Prices for crude oil and metals were up on the session, while grains prices were mixed.

The dollar weakened versus the euro and the yen but the pound lost value to the dollar and the euro.

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