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Thursday 14th of May 2009
May 12, 2009

Miners: Lonmin drops 8.56 percent


by Elaine Frei
Miners: Lonmin drops 8.56 percent

European equities markets were mostly lower Tuesday as banks saw declines in London and elsewhere after Credit Suisse (SWX: CSGN; NYSE: CS) issued a warning on UK banks.

London’s markets were mixed as the FTSE 250 added 0.18 percent to 7,623.92 but the FTSE 100 dropped 0.22 percent to 4,425.54.

Miners were mixed as Lonmin (LSE: LMI) was down 8.56 percent but Talvivaara Mining (LSE: TALV) led the mining sector with an advance of 5.46 percent.

The FTSE Eurofirst 300 was down 0.16 percent to 853.17 while the Dax fell 0.26 percent to 4,854.11, the IBEX was 0.51 percent lower to 9,269 and the CAC-40 dropped 0.54 percent to 3,231.1.

Markets in the Asia-Pacific region were mixed.

Tokyo’s markets were lower on disappointing forecasts, with the Nikkei 225 down 1.62 percent to 9,298.61 while the Topix index fell 1.67 percent to 885.43 and the Mothers market dropped 0.83 percent to 352.07.

Other decliners in the region included South Korea’s Kospi, which dropped 0.82 percent to 1,403.51.

In Australia the Sydney Ordinaries fell 1.2 percent to 3,863.6 and the S&P/ASX200 was down 1.24 percent to 3,877.2, while Taiwan’s Taiex, which was 3.23 percent lower to 6,432.55.

The Hang Seng was up 0.38 percent to 17,153.64 while the Straits Times Index added 0.56 percent, the Shanghai Composite was 1.49 percent higher to 2,618.17 and the Sensex gained 4.07 percent to 12,158.03.

New York markets were lower in early afternoon trade as the Dow Jones Industrial Average was down 0.32 percent to 8,391.46, the Nasdaq Composite was 1.78 percent lower to 1,700.51 and the S&P 500 had dropped 1.11 percent to 899.16.

Prices for crude oil, precious and base metals and grains were all up on the session.

The US dollar weakened as more investors preferred higher-yield currencies on sentiment that the economy will improve soon, while the pound improved on data that, while not positive, was also not as bad as it has been recently.

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