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Sunday 01st of November 2009
October 30, 2009    

Kazakhmys leads miners lower in London

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by Elaine Frei
Kazakhmys leads miners lower in London

Equities markets were lower in Europe on Friday after the US Commerce Department said that US consumer spending dropped by 0.5 percent, the first time in five months that spending there has declined.

In London, the FTSE 100 was 1.81 percent lower to 5,044.55 while the FTSE 250 fell 0.86 percent to 8,885.77.

Miners led decliners on both the 100 and the 250, with Kazakhmys (LSE: KAZ) 8.18 percent lower on the 100 for the worst performance in London, while Aquarius Platinum (LSE: AQP) dropped 6.89 percent on the 250.

Lloyds Banking Group (LSE: LLOY) was up 1.2 percent after Credit Suisse raised its recommendation on the bank from “underperform” to “neutral” and also upped its target share price, while Royal Bank of Scotland (LSE: RBS) led the rest of the London banking sector lower as it dropped 3.34 percent.

Aerospace engineering firm Meggitt (LSE: MGGT) led the 250 higher as it added 5.6 percent, while drug maker Shire (LSE: SHP) turned in the best performancs on the 100 with a gain of 4.69 percent.

The Eurofirst 300 was down 2.31 percent to 974.45 while the IBEX fell 2.3 percent to 11,414.8, the CAC-40 was 2.86 percent lower to 3,607.69 and the Dax dropped 3.09 percent to 5,414.96.

There were no gainers on either the Dax or the CAC-40 on the session.

Most markets in the Asia-Pacific region were higher, but the Taiex was down 0.21 percent to 7,340.08 while the Kospi fell 0.33 percent to 1,580.69 and the Sensex dropped 0.97 percent to 15, 896.28.

The Nikkei 225 was up 1.45 percent to 10,034.74 in Tokyo, while the Topix index added 1.41 percent to 894.67 and the Mothers market gained 1.15 to 438.07, with gains coming after new data showed that Japan’s unemployment rate fell from 5.5 percent in August to 5.3 percent against an expected rise in joblessness.

Nintendo (TYO: 7974) was down 3.6 percent after it cut its full-year forecast on lagging demand for its Wii game console, but Sony (TYO: 6758), maker of the PlayStation game console, added 2.8 percent on a weaker yen.

The Straits Times Index was up 0.71 percent to 2,651.13 while the Shanghai Composite added 1.2 percent to 2,995.85 and in Australia the S&P/ASX200 was 1.5 percent higher to 4,643.2 while the Sydney Ordinaries gained 1.57 percent to 4,646.9.

The Hang Seng added 2.29 percent to 21,752.87.

The Industrial & Commercial Bank of China Ltd (SEHK: 1398; SSE: 601398) and the Bank of China Ltd (SEHK: 3988; SSE: 601988) were each up more than 3 percent on better profits than expected.

Wall Street was lower in early afternoon trade as the Dow Jones Industrial Average was down 2.6 percent to 9,7603.43 while at the same time the Nasdaq Composite had fallen 2.59 percent to 2,043.17 and the S&P 500 was 2.81 percent lower to 1,036.1.

The 0.5 percent drop in consumer spending in the US was the biggest fall in 9 months, but it allowed individuals to save 3.3 percent of their after-tax income in September, up from a savings rate of 2.8 percent in August.

Prices for crude oil and metals were lower in afternoon trade in New York.

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