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Thursday 11th of March 2010
October 9, 2008    

Drax Group, other power generators see declines

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by Elaine Frei
Drax Group, other power generators see declines

Equities markets in Europe declined again Thursday on concerns that governments’ efforts to avoid a global recession will not be sufficient.

In London, the FTSE 100 closed down 1.21 percent to 4,313.8 after earlier gains, while the FTSE 250 dropped 0.3 percent to 7,179.43.

Power generators saw declines on broker downgrades as Drax Group (LSE: DRX) fell 5 percent and Scottish and Southern Energy (LSE: SSE) fell 6.8 percent on a downgrade from “hold” to “sell” and International Power (LSE: IPR; NYSE: IPR) dropped 6.91 percent as it was downgraded from “buy” to “reduce”.

The FTSE Eurofirst 300 was down 2.05 percent to 921.46 as the CAC-40 fell 1.55 percent to 3,442.7, the Dax was 2.53 percent lower to 4,887 and the IBEX dropped 3.83 percent to 9,902.9.

Equities markets in the Asia-Pacific region were mixed on interest rate cuts from some Asian central banks to go along with yesterday’s cuts from the US Federal Reserve, the European Central Bank and others.

In Tokyo, the Nikkei 225 dropped 0.5 percent to 9,157.49 but the Topix index added 0.68 percent to 905.11 and the Mothers market gained 6.05 percent to 288.13.

Other gainers in the region included South Korea’s Kospi with a gain of 0.64 percent to 11,294.89 while the Hang Seng was up 3.31 percent to 15,943.24 and the Straits Times Index was 3.4 percent higher to 2,102.71.

Markets seeing declines included the Shanghai Composite, which was down 0.84 percent to 2,074.58 while the Taiex fell 1.45 percent to 5,130.71 and in Australia the S&P/ASX200 was 1.53 percent lower to 4,320.9 and the Sydney Ordinaries dropped 1.8 percent to 4,291.3.

India’s Sensex was closed for a holiday and Indonesia’s markets remained closed after a decline of 10 percent led to a halt in trading yesterday.

In early afternoon trade in New York, the Dow Jones Industrial Average was down 0.82 percent to 9,181.96 and the S&P 500 had dropped 0.97 percent to 975.37 but the Nasdaq Composite was 0.22 percent higher to 1,744.11.

Crude oil prices fell again while base metals saw gains and precious metals and grains prices were mixed.

The yen weakened on more investor interest in higher-yielding currencies.

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