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Thursday 20th of November 2008
July 29, 2008

British Airways gains on merger talks


by Elaine Frei
British Airways gains on merger talks

Most European equities markets saw gains Tuesday on reports that consumer confidence was up in July in the United States as well as on more declines in oil prices.

In London, the FTSE 100 added 0.12 percent to 5,319.2 while the FTSE 250 gained 0.17 percent to 8,731.4 as gains by miners outweighed continuing concerns about the banking sector.

British Airways (LSE: BAY; NYSE: BAB) gained almost 6 percent on falling oil prices and the announcement that BA is in merger talks with Spanish airline Iberia (BMAD: IBLA).

In the rest of Europe, the FTSE Eurofirst 300 was up 0.38 percent to 1,163.24 while the Dax recovered from early declines to add 0.75 percent to 6,398.8 and the IBEX jumped 1.73 percent to 11,683.8 but the CAC-40 dropped 0.09 percent to 4,320 in Paris.

Asia-Pacific region equities markets saw declines Tuesday on indications that slowing economies around the globe are hurting earnings.

In Tokyo, the Nikkei 225 was down 1.46 percent to 13,159.45 while the Topix index fell 1.47 percent to 1,281.64 and the Mothers market dropped 1.21 percent to 527.1.

The Straits Times Index was down 0.82 percent to 2,886.56 while in Australia the Sydney Ordinaries fell 1.33 percent to 4,923.3 and the S&P/ASX200 dropped 1.52 percent to 4,847.4.

The Shanghai Composite was 1.82 percent lower to 2,850.31, the Hang Seng was down 1.89 percent to 22,258, the Kospi fell 1.95 percent to 1,567.2, Taiwan’s Taiex was 3.03 percent lower to 7,014.47, and the Sensex dropped 3.89 percent to 13,791.55 in India.

At around 1 p.m. in New York, Wall Street was higher as the Dow Jones Industrial Average had added 1.57 percent to 11,305.64, the Nasdaq Composite was up 1.97 percent to 2,308.79, and the S&P 500 had gained 1.45 percent to 1,252.24.

Crude oil and most metals prices were lower, while grains prices were mixed.

The dollar gained on the euro and the yen while the South African rand saw gains.

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