Wolseley leads 100 lower

| September 24, 2009 | 0 Comments
Wolseley leads 100 lower

European equities markets were lower Thursday after the US Federal Reserve and the European Central Bank both said they would reduce emergency lending programs to banks due to improvements in financial markets, and on disappointment after US existing home sales fell last month.

In London, the FTSE 100 was down 1.05 percent to 5,085.63 while the FTSE 250 dropped 1.18 percent to 9,107.87.

The worst performer on the 100 was building materials group Wolseley (LSE: WOS), which dropped 4.46 percent, followed by British Airways (LSE: BAY; NYSE: BAB) with a decline of 4.31 percent.

Over on the 250, publishers had a difficult day, led by newspaper and magazine publisher Trinity Mirror (LSE: TNI), which was down 7.23 percent while directories publisher Yell Group (LSE: YELL) was down 6.76 percent.

Information technology group Autonomy Corporation (LSE: AU) led gains on the 100 as it added 3.01 percent.

The FTSE Eurofirst 300 was down 1.78 percent to 988.17 while the IBEX fell 1.33 percent to 11,695.9, the CAC-40 was 1.57 percent lower to 3,761.63 and the Dax dropped 1.7 percent to 5,605.2.

Most markets in the Asia-Pacific region were lower on the session after commodities prices fell and on difficulties in the financial sector after Japanese consumer lender Aiful (TYO: 8515) said it will let as many as 44 percent of its employees go after predicting a loss.

Japanese markets were higher after holidays, with the Nikkei at a one-month closing high, after retailer and electronics groups saw gains.

The Nikkei 225 added 1.67 percent to close at 10,544.22 while the Topix index was up 1.15 percent to 950.20 and the Mothers market gained 0.99 percent to 466.11.

Also seeing gains, the Sensex was 0.37 percent higher to 16,781.43 in India, while the Shanghai Composite added 0.38 percent to 2,853.55.

The Straits Times Index fell 0.69 percent to 2,667.43 while in Australia the S&P/ASX200 was also down 0.69 percent, to 4,701.2, and the Sydney Ordinaries dropped 0.7 percent to 4,708.

Taiwan’s Taiex was down 0.71 percent to 7,324.22 while the Kospi fell 1.03 percent to 1,693.88 in South Korea and Hong Kong’s Hang Seng dropped 2.52 percent to 21,050.73.

At midday in New York, Wall Street was lower after the National Association of Realtors said that existing home sales in the US fell by 2.7 percent in August, against an expected increase, and after oil prices fell in morning trade.

The Dow Jones Industrial Average was down 0.54 percent to 9,696.18 at just past noon in New York, while the Nasdaq Composite was 1.28 percent lower to 2,104.22 and the S&P 500 had dropped 0.96 percent to 1,050.68.

Prices for crude oil continued lower in midday trade, while metals prices were also lower in New York.

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