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03rd of July 2011
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ICAP, Tullett Prebon lead gains on 100, 250

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by Elaine Frei
ICAP, Tullett Prebon lead gains on 100, 250

Equities markets were higher in Europe Friday as banks saw gains on hopes that the recent moves by Greece to institute austerity measures will help it avoid default, while data from the Institute for Supply Management showed that US manufacturing was up after the ISM’s factory index was up from 53.5 in May to 55.3 in June, against a predicted decline to 52.

The FTSE 100 was up 0.74 percent to 5,989.76 in London, while the FTSE 250 added 0.89 percent to 12,040.3 as the banking sector, homebuilders and the travel and leisure sector each saw every constituent go higher on the session, while the chemicals sector, and the energy sector each had only one decliner and the media sector, real estate sector, utilities and the telecommunications sector had just two decliners each.

Interdealer money brokers led gains on both the 100 and the 250 as ICAP (LSE: IAP) added 5.12 percent on the 100 and Tullett Prebon (LSE: TLPR) gained 7.25 percent on the 250, while the biggest decliner on the 100 was miner Randgold Resources (LSE: RRS), which dropped 1.52 percent and food manufacturer Premier Foods (LSE: PFD) dropped 10.2 percent to lead declines on the 250.

Three of the top five gainers on the 100 came from the banking sector, led by Lloyds Banking Group (LSE: LLOY) with a gain of 3.69 percent on a “buy” recommendation from Bank of America Merrill Lynch and an upgrade from “sell” to “hold” from UniCredit, while Barclays Bank (LSE: BARC) was up 3.55 percent and Royal Bank of Scotland Group (LSE: RBS) added 3.2 percent after reports that it will sell a 25 percent stake in commercial-property loans, worth £1.4 billion, to asset managers Blackstone Group.

In the utilities sector, Northumbrian Water Group (LSE: NWG) added 1.54 percent on a bid from Hong Kong-based Cheung Kong Infrastructure (SEHK: 1038).

The FTSE Eurofirst 300 was up 0.69 percent to 1,118.6 while the Dax added 0.59 percent to 7,419.44, the CAC-40 was 0.63 percent higher to 4,007.35 and the IBEX gained 1.28 percent to 10,492.

Markets in the Asia-Pacific were mixed Friday.

The Nikkei 225 was up 0.53 percent to 9,868.07 in Tokyo, while the Topix index added 0.55 percent to 853.86 but the Mothers market dropped 0.4 percent to 453.4 as the quarterly Tankan survey from the Bank of Japan showed that manufacturers have plans to raise capital spending this fiscal year and banks were higher on Greece’s passage of austerity measures and legislation enabling the nation to implement those measures and after unexpected gains in Chicago-area manufacturing in the United States.

Among banks, Sumitomo Mitsui Financial Group (TYO: 8316) added 1.3 percent, while Mitsubishi UFJ (TYO: 8306) was up 2.1 percent, while automobile manufacturers and chipmakers also saw gains.

Industrial robot manufacturer Fanuc (TYO: 6954) was up 5.5 percent after it reported orders were up 14 percent in the quarter ending in March from the previous quarter on higher demand in the United States and in Europe.

Other gainers in the region included the Straits Times Index, which was up 0.6 percent to 3,139.01 in Singapore, while Taiwan’s Taiex added 1.01 percent to 8,739.82 and the Kospi gained 1.19 percent to 2,125.74 in South Korea, but markets were down in China, where the Shanghai Composite dropped 0.1 percent to 2,759.36 after a manufacturing index was down in June to its lowest level in over two years, while Australia’s markets declined as the Sydney Ordinaries dropped 0.26 percent to 4,647.9 and the S&P/ASX200 was 0.36 percent lower to 4,591.2, and India’s Sensex was down 0.44 percent to 18,762.8.

Hong Kong’s markets were closed for a public holiday that celebrates the transfer of sovereignty from the UK to the People’s Republic of China.

New York equities markets were higher at just before 1 p.m. local time, with the Dow Jones Industrial Average up 1 percent to 12,539 while the S&P 500 had added 0.95 percent to 1,333.17 and the Nasdaq Composite was 1.1 percent higher to 2,804.11.

Crude oil prices were lower in midday trade with August contracts for West Texas Intermediate crude down $1.10 to $94.32 per barrel while Brent crude was last down $1.88 to $110.60 per barrel on the ICE Futures Europe exchange.

Crude was even lower earlier in the session after disappointing manufacturing data from China and the UK, as the official China Purchasing Managers’ Index dropped to 50.9 in June, putting the sector nearly in contraction while UK manufacturing grew at its slowest rate in 2 years in June, but prices were helped slightly by better-than-expected manufacturing data from the United States.

The price of gold was down $17.90 to $1,484.90 per troy ounce in New York, falling on a stronger US dollar, while silver was $1.05 lower to $33.78 per troy ounce, but copper had added 1.5 cents to $4.30 per pound in New York trade.

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News posted: July 1, 2011

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