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Thursday 13th of August 2009
August 11, 2009

International Power adds 7.25 percent


by Elaine Frei
International Power adds 7.25 percent

European equities markets were lower Tuesday after new data from the US Commerce Department showed that wholesale inventories in the United States dropped by 1.7 percent in June, to their lowest in nearly two years.

The new figures put the economic recovery in doubt.

The FTSE 100 was 1.08 percent lower to 4,671.34 in London, while the FTSE 250 dropped 1.41 percent to 8,302.66.

Utilities were mixed as International Power (LSE: IPR) led gainers on the 100, adding 7.25 percent on the session.

The FTSE Eurofirst 300 was down 1.34 percent to 931.95 while the IBEX fell 0.83 percent to 10,831.9, the CAC-40 was 1.38 percent lower to 3,456.18 and the Dax dropped 2.44 percent to 5,285.81.

Markets in the Asia-Pacific region were higher on the session, although most gains were modest.

In Tokyo, the Nikkei added 0.58 percent to 10,585.46 while the Topix index was 0.44 percent higher to 973.51 and the Mothers market gained 1.43 percent to 469.2.

Elsewhere in the region the Kospi was up 0.2 percent to 1,579.21, the Taiex added 0.38 percent to 6,909.02, the Sensex was 0.43 percent higher to 15,074.59 and the Shanghai composite gained 0.46 percent to 3,264.73.

In Australia, meanwhile, the Sydney Ordinaries added 0.58 percent to 4,334.4 and the S&P/ASX200 was up 0.65 percent to 4,332, while the Hang Seng was 0.69 percent higher to 21,074.21 in Hong Kong and the Straits Times Index gained 1.88 percen tto 2,597.3.

In midday trade in New York the Dow Jones Industrial Average was 1.13 percent lower to 9,232, while the Nasdaq Composite and the S&P 500 had each dropped 1.4 percent, to 1,964.28 and 993.02 respectively.

Crude oil prices were lower on the session and closed below $70 per barrel in New York, while most metals were also lower although gold ended the day slightly higher.

Grains prices were mixed.

The Japanese yen strengthened, while the US dollar gained on the euro.

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