Home Retail leads DIY retailers lower

| September 11, 2008 | 0 Comments
Home Retail leads DIY retailers lower

European equities markets were lower again Thursday.

In London the FTSE 100 was down 0.89 percent to 5,318.4 while the FTSE 250 dropped 1.03 percent to 8,874.9.

Most retailers were lower, with DIY retailers down on declines in sales as Kingfisher (LSE: KFG) dropped 5.38 percent and Home Retail Group (LSE: HOME) dropped 5.69 percent as sales as its Argos stores were down 5.8 percent in the quarter ending August 30 and sales at its Homebase stores fell 8.3 percent during the same period.

The FTSE Eurofirst 300 was down 0.65 percent to 1,140.71 as the IBEX was down 0.4 percent to 11,136.5, the Dax fell 0.51 percent to 6,178.9 and the CAC-40 dropped 0.81 percent to 4,249.07.

Asia-Pacific equities markets were lower as well.

In Tokyo, the Nikkei 225 was down 1.98 percent to 12,102.5 while the Topix index fell 2.49 percent to 1,162.72 and the Mothers market dropped 3.12 percent to 424.23.

Elsewhere in the region, the Kospi was 1.48 percent lower to 1,443.24 while in Australia the Sydney Ordinaries fell 1.81 percent to 4,871.5 and the S&P/ASX200 was down 1.86 percent to 4,814.3.

The Sensex dropped 2.31 percent to 14,324.29, the Hang Seng was down 3.06 percent to 19,388.72, the Straits Times Index fell 3.1 percent to 2,541.15, the Taiex was 3.19 percent lower to 6,251.95 and the Shanghai Composite dropped 3.34 percent to 2,078.98.

Wall Street was down in early afternoon trade, with the Dow Jones Industrial Average 0.69 percent lower to 11,191.16 while the Nasdaq Composite had fallen 0.27 percent to 2,222.78 and the S&P 500 had dropped 0.62 percent to 1,224.44.

Crude oil prices remained below $98 per barrel in London and below $101 per barrel in New York even as wholesale gasoline prices were steeply higher in the US Gulf Coast region, while precious metals prices declined and grains prices were mixed on the Chicago Board of Trade.

The Australia and New Zealand dollars weakened and the yen was stronger as the appeal of higher-yielding currencies faded, while the US dollar strengthened versus the euro.

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