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Friday 12th of September 2008
September 3, 2008

Punch Taverns sees losses


by Elaine Frei
Punch Taverns sees losses

Equities markets in Europe were lower Wednesday on continuing worries about the state of economic affairs.

In London, the FTSE 100 was down 2.15 percent to 5,499.7 while the FTSE 250 dropped 1.82 percent to 9,369.7.

Pubs operators were lower, led by Punch Taverns (LSE: PUB) which had the worst performance on the 250 with a decline of 12.15 percent on declining revenues and the abandonment of its dividend.

Elsewhere in Europe, the FTSE Eurofirst 300 was down 1.52 percent while the IBEX was 0.46 percent lower to 11,849.1, the Dax fell 0.78 percent to 6,467.49 and the CAC-40 dropped 2.03 percent to 4,447.13.

Asia-Pacific regional equities markets were mixed on the session, with Tokyo markets higher but some others seeing declines.

In Tokyo, the Nikkei 225 added 0.64 percent to 12,689.59 and the Topix index gained 0.7 percent to 1,220.55.

Elsewhere in the region, Australia’s Sydney Ordinaries dropped 1.24 percent to 5,130.5 while the Shanghai Composite was 1.22 percent lower to 2,276.67, the Straits Times Index was down 1.9 percent to 2,706.53 in Singapore and Hong Kong’s Hang Seng fell 2.17 percent to 20,585.06.

On Wall Street, the Dow Jones Industrial Average was down 0.31 percent to 11,481.34 in early afternoon trade, while the Nasdaq Composite had dropped 0.69 percent and the S&P 500 had fallen 0.59 percent to 1,269.98.

Oil prices fell again, while metals prices were mixed with precious metals lower but most base metals seeing gains.

Grains prices were also mixed.

The US dollar strengthened while the euro and the pound both were weaker on new data.

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