Randgold best on 100

| September 19, 2011 | 0 Comments
Randgold best on 100

European equities markets were lower Monday as investors were disappointed by the inability of finance ministers to find any new solutions to the region’s debt crisis at a meeting over the weekend, sending banks lower on concerns that the crisis could hurt the sector.

The FTSE 100 was down 2.03 percent to 5,259.56 in London, while the FTSE 250 dropped 1.91 percent to 10,229.

Gold miner Randgold Resources (LSE: RRS) was the best performer on the 100 as it added 1.58 percent, but the sector also provided four of the top five decliners on the index, led by an 8.15 percent decline for Antofagasta (LSE: ANTO) while Kazakhmys (LSE: KAZ) was down 7.13 percent, Xstrata (LSE: XTA) dropped 6.77 percent and Vedanta Resources (LSE: VED) was 6.61 percent lower.

Digital rights specialist Perform Group (LSE: PER) led gains on the 250 as it added 4.67 percent, while online grocery retailer Ocado Group (LSE: OCDO) dropped 11.4 percent after it reported that sales growth is slowing.

The energy sector saw no gains, with Exillon Energy (LSE: EXI) the worst performer in the sector as it dropped 5.75 percent.

Computer related shares had trouble on the 250 as software specialist Misys (LSE: MSY) dropped 8.29 percent while hardware and software group Kofax (LSE: KFX) was down 6.66 percent, both among the biggest decliners on the index.

London banks were lower, led by a 6.68 percent decline for Lloyds Banking Group (LSE: LLOY), followed Barclays (LSE: BARC), which was down 6.55 percent.

Banks dropped in the rest of the region as well, with German banks down after another election loss for German’s ruling party, this time in a regional election in Berlin, as Deutsche Bank (FWB: DBK) was down 4.54 percent and Commerzbank (FWB: CBK) dropped 4.13 percent, while Societe Generale (Euronext: GLE) was the worst performer on the CAC-40 in Paris as was down 6.7 percent and BNP Paribas (Euronext: BNP) was 5.48 percent lower after downgrades within the sector last week from Moody’s Investors Service.

The Eurofirst 300 was down 2.14 percent to 917.75 while the IBEX fell 1.98 percent to 8,222.7, the Dax was 2.83 percent lower to 5,415.91 with no gainers, and the CAC-40 dropped 3 percent to 2,940 and saw just one gain.

Markets in Asia and the Pacific region were lower on the inability of European finance ministers to come up with any new ideas to deal with the debt crisis there during a weekend meeting, heightening investor concern that the crisis will hurt earnings in the region and harm the economy generally.

With Tokyo’s markets closed in observance of Respect-For-the-Aged Day, South Korea’s Kospi was down 1.04 percent to 1,820.94, the Sensex fell 1.11 percent to 16,745.3 in India, the Straits Times Index was 1.14 percent lower to 2,757.23 in Singapore, Taiwan’s Taiex dropped 1.27 percent to 7,480.88, Australia’s markets were lower as the Sydney Ordinaries fell 1.56 percent to 4,164.1 and the S&P/ASX200 was down 1.64 percent to 4,081.5, the Shanghai Composite was 1.79 percent lower to 2,437.79 and the Hang Seng dropped 2.76 percent to 18,917.9.

New York equities markets were lower at midday local time on continuing concerns about the debt crisis in Europe in general and in Greece in particular, with the Dow Jones Industrial Average down 1.81 percent to 11,301.1 while the S&P 500 had dropped 1.72 percent to 1,195.05 and the Nasdaq Composite was 1.16 percent lower to 2,591.93.

Crude oil prices were also lower on concerns about whether Greece will default, with West Texas Intermediate crude down $2.42 to $85.54 per barrel in midday trade on the New York Mercantile Exchange, while Brent crude was most recently reported $2.95 lower to $109.27 per barrel.

Metals prices were also lower as December gold dropped $30.10 at midday in New York to trade at $1,784.60 per troy ounce on a stronger dollar, while December silver was down $1.35 to $39.49 per troy ounce and December contracts for copper were 15 cents lower to $3.78 per pound in New York trade and three-month contracts were down 4 percent to $8,349.50 per tonne on the London Metal Exchange as analysts expected new data due this week to show that European manufacturing activity contracted again.

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