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Monday 01st of December 2008
September 10, 2008

Enterprise Inns declines on downgrade


by Elaine Frei
Enterprise Inns declines on downgrade

European equities markets were lower Wednesday after the European Commission lowered its projection for economic growth in the Eurozone this year and another report showed that the UK economy will contract this year for the first time in a decade.

In London, the FTSE 100 was 0.91 percent lower to 5,366.2 while the FTSE 250 dropped 1.87 percent to 8,967.2.

Enterprise Inns (LSE: ETI) dropped 11.6 percent on a broker downgrade and news reports that the pubs operator will be put off the FTSE 100, while Punch Taverns (LSE: PUB) declined even more on the 250, falling 12.37 percent on the session.

The FTSE Eurofirst 300 was down 0.69 percent to 1,147.67 while the CAC-40 fell 0.23 percent to 4,283.66, the Dax was 0.37 percent lower to 6,210.32 and the IBEX dropped 1.49 percent to 11,180.8.

Most equities markets in the Asia-Pacific region were also lower.

Tokyo’s markets were mixed as the Nikkei 225 dropped 0.44 percent to 12,346.63 but the Topix index added 0.07 percent to 1,192.38 and the Mothers market of small and mid-caps gained 1.84 percent to 437.88.

Elsewhere in the region the Shanghai Composite added 0.23 percent to 2,150.76 while Taiwan’s Taiex was up 0.52 percent to 6,458.01 and South Korea’s Kospi gained 0.72 percent to 1,464.98.

On the other hand, Australia’s S&P/ASX200 was down 1.5 percent to 4,905.5 and the Sydney Ordinaries fell 1.6 percent to 4,961.4, mostly on the declines in metals prices, while India’s Sensex was also 1.6 percent lower, to 14,662.61, the Straits Times Index fell 1.9 percent to 2,662.41 and the Hang Seng dropped 2.4 percent to 19,999.78 in Hong Kong.

Wall Street saw gains in early afternoon trade as the Dow Jones Industrial Average added 0.78 percent to 11,317.77, the Nasdaq Composite was up 0.87 percent to 2,228.97 and the S&P 500 gained 0.71 to 1,233.16.

Crude oil prices dropped while metals prices were mixed and grains prices declined.

The yen weakened on a return to carry trades where investors finance purchases of higher-yielding currencies with low-yield currencies such as the yen.

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