Essar Energy leads gains on 100

| September 14, 2010 | 0 Comments
Essar Energy leads gains on 100

European equities markets were mostly higher Tuesday, but not much higher in most cases as the ZEW Center for European Economic Research reported that German investor confidence fell more than expected this month to a 19-month low.

The FTSE 100 was up just 0.03 percent to 5,567.41 in London, while the FTSE 250 was down 0.34 percent to 10,472.44 after the Office of National Statistics said that consumer prices were up 3.1 percent in July from July 2009, more than expected and above the government target.

Power generator and oil and gas explorer and producer Essar Energy (LSE: ESSR) led gains on the 100 and in the energy sector, adding 3.73 percent, followed in the sector by a 2.77 percent gain for Petrofac Ltd (LSE: PFC), which provides construction and chemical engineering services to the oil and gas industry.

Over on the 250, IT services and consultancy group Logica (LSE: LOG) added 4.7 percent to lead the index and shares in London.

Home builder Redrow (LSE: RDW) was down 4.81 percent to lead an all-lower sector and all declines in London, while chipmaker ARM Holdings fell 4.1 percent for the worst performance on the 100 after it said that several top executives sold shares in the company.

Most miners were higher, led by a 3.89 percent gain for Hochschild Mining (LSE: HOC), while Eurasian Natural Resources (LSE: ENRC) added 2.79 percent and Randgold Resources (LSE: RRS) gained 2.78, but Aquarius Platinum (LSE: AQP) dropped 1.76 percent for the worst performance in the sector.

The retail sector was mixed, with more decliners than gainers.

Department store Debenhams (LSE: DEB) added 3.38 percent for the best performance in the sector after it said its full fiscal year results probably exceeded expectations, while JD Sports Fashion (LSE: JD) was the biggest decliner as it dropped 3.92 percent.

Clothing retailer Next (LSE: NXT) was down 2.06 percent after Societe Generale cut its recommendation from “hold” to “sell”.

Over in the travel and leisure sector, TUI Travel (LSE: TT) was down 1.81 percent on a downgrade from “buy” to “neutral” from Bank of America Merrill Lynch Global Research.

The FTSE Eurofirst 300 was up 0.04 percent to 1,088.45 while the CAC-40 added 0.19 percent to 3,774.4, the Dax was 0.22 percent higher to 6,275.41 and the IBEX gained 0.38 percent to 10,806.6.

Most markets in the Asia-Pacific region were higher on the session, helped by a new projection that the Eurozone economy will grow by 1.7 percent this year, against an earlier prediction that the region’s GDP would rise by just 0.9 percent, but Tokyo’s markets declined on concerns about the yen, which has strengthened by 15 percent so far this year.

The currency strengthened during the day on a vote by the ruling Democratic Party of Japan in which the current Prime Minister, Naoto Kan prevailed after a challenge by Ichiro Ozawa, who had proposed taking steps to weaken the yen.

The Nikkei 225 was 0.24 percent lower to 9,299.31 while the Topix index fell 0.33 percent to 834.87 and the Mothers market dropped 0.9 percent to 376.26.

While the results of the vote were not known until after the close in Tokyo, the strength of the yen hurt exporters, although consumer electronics group Pioneer Corp (TYO: 6773) managed to add 1.2 percent.

Sony (TYO: 6758) was down 0.7 percent while Sharp Corporation (TYO: 6753) dropped 0.8 percent.

Chip-related shares were also lower as Advantest (TYO: 6857) fell 0.4 percent and Elpida Memory (TYO: 6665) was 3.9 percent lower.

East Japan Railway (TYO: 9020) dropped 3.4 percent after Deutsche Bank downgraded it from “buy” to “hold”.

Other decliners in the region included South Korea’s Kospi, which fell 0.2 percent to 1,815.25, while the Straits Times Index was down 0.59 percent to 3,048.65.

The Shanghai Composite was up just 0.01 percent to 2,688.52 as the Chinese government pledged once again to take steps to cool property speculation, while the Hang Seng was up 0.17 percent to 21,696.04 in Hong Kong.

In Australia, the S&P/ASX200 was up 0.25 percent to 4,626.5 and the Sydney Ordinaries gained 0.32 percent to 4,669.1.

Taiwan’s Taiex added 0.51 percent to 8,132.6, and the Sensex was 0.72 percent higher to 19,346.96 in India.

New York markets were higher in midday trade as the Dow Jones Industrial Average added 0.22 percent to 10,567.13 while the S&P 500 was up 0.25 percent to 1,124.76 and the Nasdaq Composite was 0.53 percent higher to 2,297.76.

Gold prices were again in record territory as December contracts jumped $26.10 to $1,273.70 per troy ounce in midday trade in New York, while silver was also higher but copper prices lost ground.

At the same time, crude oil prices were slightly higher.

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