Lloyds, Standard Chartered lead London banks higher

| May 18, 2009 | 0 Comments
Lloyds, Standard Chartered lead London banks higher

European markets saw gains Monday as banks were higher, while in a mixed Asia-Pacific Region India’s Sensex added over 17 percent on election results.

In London, the FSTE 100 was up 2.26 percent to 4,446.45 while the FTSE 250 gained 1.39 percent to 7,576.63.

Lloyds Banking Group (LSE: LLOY) led the 100 and the banking sector with a gain of 9.87 percent, followed by Standard Chartered (LSE: STAN; SEHK: 2888), which added 8.51 percent.

The FTSE Eurofirst 300 was up 2.24 percent to 858.73 while the IBEX added 2.01 percent to 9,159.3, the CAC-40 was 2.41 percent higher to 3,245.39 and the Dax gained 2.42 percent to 4,851.96.

In the Asia-Pacific region, India’s Sensex added 17.34 percent to 14,284.21 on election results that held hope of more political stability in the world’s twelfth-largest economy as the ruling Congress party gained a near-majority in parliament that will allow it to form a new government without Communist support.

The huge gains limited trade however, as trade was stopped twice during the morning and was halted for the day before noon local time as the big gains twice tripped circuit breakers that caused trade to stop.

The gain for the Sensex was its biggest daily jump since March 2, 1992.

Elsewhere in the region, the Shanghai Composite added 0.28 percent to 2,652.78 while the Kospi was up 0.36 percent to 1,386.68, the Taiex was 1.37 percent higher to 6,577.81, the Hang Seng added 1.38 percent to 17,022.91 and the Straits Times Index gained 1.7l4 percent to 2,176.98.

Markets were lower in Tokyo and Sydney.

In Tokyo, the Nikkei 225 fell 2.44 percent to 9,038.69 while the Topix index was down 2.49 percent to 859.71 and the Mothers market dropped 0.71 percent to 352.8.

In Australia, the Sydney Ordinaries dropped 0.99 percent to 3,721.6 while the S&P/ASX200 was down 1 percent to 3,735.6.

At nearly 1:30 p.m. in New York, the Dow Jones Industrial Average as up 2.1 percent to 8,442.35 while the Nasdaq Composite had added 1.9 percent to 1,712.14 and the S&P 500 was 2.05 percent higher to 901.02.

Crude oil futures saw substantial gains while metals were mixed and July grains futures on the Chicago Board of Trade were higher.

The Indian rupee gained on elections results while the pound was up on data and analyst comments.

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