Inmarsat adds 7 percent

| September 16, 2011 | 0 Comments
Inmarsat adds 7 percent

Most European markets made gains Friday on the hope that finance ministers meeting in Poland will announce new measures to pull the region out of its debt crisis.

The FTSE 100 was up 0.58 percent to 5,368.41 in London while the FTSE 250 added 1.01 percent to 10.428.2.

Satellite telecommunications specialist Inmarsat (LSE: ISAT) led gains on the 100, adding 6.93 percent in the telecommunications sector, while Cable & Wireless Communications (LSE: CWC) was up 7.14 percent to lead gains in the sector.

Meanwhile, retailers took the top two spots among gainers on the 250, with auto parts and bicycles retailer Halfords Group (LSE: HFD) up 7.38 percent to lead the index and the sector, followed by a 7.17 percent gain for DIY retailer Home Retail Group (LSE: HOME), while elsewhere in the sector, automobile retailer Inchcape (LSE: INCH) was up 5.19 percent and online grocery retailer Ocado Group (LSE: OCDO) added 5.03 percent.

Domino Printing Sciences (LSE: DNO) was down 11.03 percent to lead declines on the 250.

Most miners were higher, with Kenmare Resources (LSE: KMR) leading gains as it added 6.27 percent, but coal miner New World Resources (LSE: NWR) was the worst performer of six decliners in the sector as it dropped 1.86 percent, while gold and silver miner Fresnillo (LSE: FRES) was down for the sixth consecutive session on declines in gold prices, dropping 1.31 percent.

In a mostly higher energy sector, Exillon Energy (LSE: EXI) led gains as it added 6.83 percent, followed in the sector by JKX Oil & Gas (LSE: JKX), which added 5.43 percent, while BG Group (LSE: BG) was up 1.7 percent on reports that several Chinese companies might be interested in bidding on BG’s Brazilian unit.

Banks were mixed in London as Barclays (LSE: BARC) led gains, adding 3.42 percent, while Lloyds Banking Group (LSE: LLOY) was the worst performer in the sector but dropped just 0.29 percent.

The FTSE Eurofirst 300 was up 0.53 percent to 837.13 while the IBEX added 0.61 percent to 8,388.4 and the Dax gained 1.18 percent to 5,573.51, but the CAC-40 was down 0.48 percent in Paris to 3,031.08.

The CAC-40 declined after most banks were down on rumors that Italy was set for a downgrade, with Credit Agricloe (Euronext: ACA) down 10.97 percent, while BNP Paribas (Euronext: BNP) was down 7.56 percent and Natixis (Euronext: KN) was 4.41 percent lower, although Societe Generale (Euronext: GLE) led gains on the 40 as it added 3.44 percent.

Markets were higher in the Asia-Pacific region, still being helped by the plan for the European Central Bank, in concert with other central banks to lend dollars to banks in the Eurozone to support liquidity.

The Nikkei 225 was up 2.25 percent to 8,864.16 in Tokyo, while the Topix index added 2.18 percent to 768.13 and the Mothers market was 3.03 percent higher to 419.64, with banks higher as Sumitomo Mitsui Financial Group (TYO: 8316) while Mitsubishi UFJ (TYO: 8306) added 4.6 percent, helped after Japanese banks said they wil not forgive loans to troubled nuclear power generator Tokyo Electric Power (TYO: 9501) despite statements by government officials that banks need to support the utility.

Tokyo Electric Power dropped 5.9 percent after the banks said they would not forgive its loans.

Camera and copier maker Canon (TYO: 7751), which does nearly a third of its business in Europe, added 4.3 percent on fewer worries about the economy there, while Olympus Corp (TYO: 7733) gained 7.4 percent after Citigroup initiated coverage with a “buy” recommendation.

The Shanghai Composite was up 0.13 percent to 2,482.34, India’s Sensex added 0.34 percent to 16.933.8, the Straits Times Index was 0.83 percent higher to 2,789.04 in Singapore, Hong Kong’s Hang Seng gained 1.43 percent to 19,455.3, Australia’s markets were higher as the Sydney Ordinaries added 1.85 percent to 4,229.9 and the S&P/ASX200 was up 1.91 percent to 4,149.4, the Taiex was 2.6 percent higher to 7,577.4 in Taiwan, and South Korea’s Kospi gained 3.72 percent to 1,840.1.

New York equities markets were higher at just before 1 p.m. local time as the Dow Jones Industrial Average was up 0.74 percent to 11,517.4 while the S&P 500 had added 0.57 percent to 1,215.97 and the Nasdaq Composite was 0.53 percent higher to 2,621.01.

Crude oil prices were mixed at midday in New York as West Texas Intermediate crude was $1.31 percent lower to $88.09 per barrel but Brent crude was last reported up 11 cents to $112.41 per barrel as investors worried about the economic situation in Europe as finance ministers met to discuss the issue.

Prices for gold and silver were higher in midday trade in New York, with gold up $37.60 to $1,819 per troy ounce while silver had added $1.32 to $40.83 per troy ounce, but among base metals copper was down 2 cents to $3.93 per pound in New York trade.

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