Rio Tinto, Talvivaara lead miners lower

| April 28, 2009 | 0 Comments
Rio Tinto, Talvivaara lead miners lower

European equities markets end the session in negative territory Tuesday on declines for miners as metals prices fell, as banks were lower on reports that US bank regulators have told Citigroup (NYSE: C) and Bank of America (NYSE: BAC) that they need to raise more cash., and on persistent worries about how the swine flu outbreak will affect the economy.

In London the FTSE 100 was 1.69 percent lower to 4,096.4 while the FTSE 250 dropped 1.71 percent to 7,155.18.

Most miners were lower as Rio Tinto (LSE: RIO) topped losers on the 100 with a decline of 6.25 percent and nickel miner Talvivaara Mining Company (LSE: TALV) put in the worst performance on the 250 as it dropped 14.07 percent, but Mexico-based gold and silver miner Fresnillo (LSE: FRES) topped the winners list on the 100 with a gain of 3.4 percent.

The FTSE Eurofirst 300 was down 1.45 percent to 801.91 while the IBEX fell 1.38 percent to 8,656.3, the CAC-40 was 1.66 percent lower to 3,051.02 and the Dax dropped 1.85 percent to 4,607.42.

Markets were lower in the Asia-Pacific region, at least partly on fears that swine flu will continue to spread, but also on the report concerning Citigroup and Bank of America.

In Tokyo, the Nikkei 225 was 2.67 percent lower to 8,493.77 while the Topix index fell 2.53 percent to 811.99 and the Mothers market dropped 2.88 percent to 342.11.

The Shanghai Composite was 0.16 percent lower to 2,401.44 while in Australia the Sydney Ordinaries fell 0.5 percent to 3,671.7 and the S&P/ASX200 dropped 0.62 percent to 3,708.4.

In Singapore, the Straits Times Index was down 0.56 percent to 1,808.41 while Taiwan’s Taiex fell 1.9 percent to 5,596.73, the Hang Seng was 1.92 percent lower to 14,555.11, the Kospi was down 2.95 percent to 1,300.24 and the Sensex dropped 3.25 percent to 11,001.75.

In early afternoon trade in New York, the Dow Jones Industrial Average was up 0.13 percent to 8,035.75 while the Nasdaq Composite had added 0.28 percent to 1,684.07 and the S&P 500 was 0.1 percent higher to 858.34.

Crude oil and metals prices were lower on the session, while grains prices were mixed.

The dollar weakened on better consumer confidence data in the United States.

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