Insurer Old Mutual adds 18 percent

| October 30, 2008 | 0 Comments
Insurer Old Mutual adds 18 percent

European equities markets were up Thursday after interest rate cuts in the US, China and Taiwan and on encouraging earnings reports in the region.

In London the FTSE 100 added 1.16 percent to 4,291.65 while the FTSE 250 gained 3.92 percent to 6,223.78 as banks and miners saw gains and insurer Old Mutual (LSE: OML; JSE: OLOML) led the 100 with a gain of 18.11 percent.

The FTSE Eurofirst 300 was up 0.24 percent to 899.25 while the CAC-40 added 0.15 percent to 3,407.82, the Dax was 1.26 percent higher to 4,869.2 and the IBEX gained 2 percent to 8,822.9.

Equities markets in the Asia-Pacific region were significantly higher after Wednesday’s interest rate cuts.

The biggest gain in the region came in Hong Kong, where the Hang Seng added 12.82 percent to 14,329.85 as it gained over 1,600 points on the session, bringing the Hang Seng’s gains in three days to 30 percent, its biggest three-day gain since April 1973.

In Tokyo, the Nikkei 225 added 9.96 percent to 9,029.76 while the Topix index was up 8.32 percent to 899.37 and the Mothers market gained 5.48 percent to 294.78.

Elsewhere in the region the Shanghai Composite was up 2.55 percent to 1,763.61 while in Australia the Sydney Ordinaries added 3.98 percent to 3,957.3 and the S&P/ASX200 was 4.04 percent higher to 4,001.1.

The Taiex added 6.29 percent to 4,683.64, the Straits Times index was up 7.82 percent to 1,801.91 and the Kospi gained 11.95 percent to 1,084.72 while the Sensex was closed for the session.

At just past 2 p.m. in New York, the Dow Jones Industrial Average was up 1.57 percent to 9,131.7 while the Nasdaq Composite had added 1.92 percent to 1,689.1 and the S&P 500 had gained 1.81 percent to 946.96.

Crude oil prices and most metals saw declines, with the main exceptions being some gains for platinum, while grains prices were lower as well.

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