Wellstream, Tullow Oil each add over 9 percent

| September 16, 2009 | 0 Comments
Wellstream, Tullow Oil each add over 9 percent

The FTSE 100 was up 1.63 percent to 5,124.13 in London, while the FTSE 250 added 1.54 percent to 9,305.24 as European equities markets saw gains on Wednesday.

Components of the energy sector led both the 100 and the 250.

Wellstream Holdings (LSE: WSM), which designs pipeline systems for the oil and gas industry, led the sector and the 250 as it added 9.52 percent, while oil and gas explorer Tullow Oil (LSE: TLW) led the 100 with a gain of 9.2 percent.

The FTSE Eurofirst 300 was up 1.27 percent to 1,005.01 while the Dax added 1.27 percent to 5,700.26, the IBEX was 1.32 percent higher to 11,746.9 and the CAC-40 gained 1.64 percent to 3,813.79.

Most markets in the Asia-Pacific region were higher on the session, but the Shanghai Composite dropped 1.12 percent to 2,999.71.

In Tokyo, the Nikkei 225 was up 0.52 percent to 10,270.77 and the Mothers market added 0.13 percent to 463.93, but the Topix index again declined, falling 0.12 percent to 931.43.

The Nikkei was up as much as 1.7 percent at one point in the session, but it gave back some of the gains as the Democratic Party of Japan took over the nation’s government after recent elections voted the previous ruling party out by a wide margin.

Elsewhere, the Taiex was up 1.28 percent to 7,440.24, the Sensex added 1.35 percent to 16,677.04, the Straits Times Index was 1.37 percent higher to 2,674.42 and the Kospi was up 1.81 percent to 1,683.33.

In Australia, the Sydney Ordinaries added 2.32 percent to 4,652.8 and the S&P/ASX200 was 2.42 percent higher to 4,650.4, while the Hang Seng gained 2.57 percent to 21,402.92 in Hong Kong.

New York markets were higher in early afternoon trade on hopes that the economy is on the mend.

At just past 1 p.m. in New York, the Dow Jones Industrial Average was up 0.8 percent to 9,761.17 while the Nasdaq Composite had added 0.97 percent to 2,122.98 and the S&P 500 was 1.11 percent higher to 1,064.36.

Crude oil prices were higher after the US Energy Information Administration said crude oil stockpiles were down again last week and metals prices were also up, but grains prices declined in Chicago trade.

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