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Tuesday 30th of September 2008

Latest Investment News

The latest news on equities, commodities, and bonds:

September 30, 2008

Anglo Irish Bank gains 67 percent

by Elaine Frei
Anglo Irish Bank gains 67 percent
European equities markets saw gains Tuesday after Democrats and Republicans said the US Congress will pass a bailout of the US financial sector, possibly as early as later this week. Banks in the region were mixed, with Bank of Ireland (ISEQ: BKIR; LSE: BKIR: NYSE: IRE) up 21 percent and Anglo Irish Bank (ISEQ: ANGL; LSE: ANGL; FWB: CKL) adding 67 percent ...



September 29, 2008

Wall Street plunges on bailout vote

by Elaine Frei
Wall Street plunges on bailout vote
The Dow Jones Industrial Average lost the most points in a single day in its history and other New York equities markets dropped sharply Monday as the US House of Representatives refused to pass a plan to bail out the US financial sector. The Dow dropped 777.68 points on the session, nearly 100 points more than the previous record of 684.81 points, ...



September 26, 2008

Global equities hurt by Washington Mutual failure

by Elaine Frei
“Global
Equities markets in Europe saw declines Friday on delays in the approval of the US bailout plan and on the failure of US savings and loan Washington Mutual (NYSE: WM), which was seized by government regulators and sold to JPMorgan Chase (NYSE: JPM; TYO: 8634) for $1.9 billion. In London, the FTSE 100 was down 2.09 percent to 5,088.47 while the ...



Are Wachovia Bank and Ambac next to fail?

by Brian Turner
Are Wachovia Bank and Ambac next to fail?
Wachovia Corporation (WB) When Harvard economist, Professor Kenneth Rogoff - formerly head of the IMF - predicted at the end of August that at least one major US bank would collapse along with hundreds of smaller banks, trader speculation fell on three names: - Lehman Brothers - Washington Mutual - Wachovia Corporation Since his warning on August 28th, we saw Lehman Brothers ...



September 25, 2008

Old Mutual, four other insurers lead gains on 100

by Elaine Frei
Old Mutual, four other insurers lead gains on 100
Banks and insurers led European equities markets higher Thursday on the possibility of takeovers in both sectors and on the hope that an agreement on the US bailout plan will come soon. The FTSE 100 added 1.99 percent to 5,197.02 in London, while the FTSE 250 gained 0.32 percent to 8,434.65. All five of the biggest gainers on the 100 ...



September 24, 2008

British Energy shares see gains

by Elaine Frei
British Energy shares see gains
European equities markets declined Wednesday after carmakers were down on early gains in oil prices and after US Federal Reserve Chairman Ben Bernanke said that the credit crisis has cut spending by individuals and businesses. In London the FTSE 100 was down 0.79 percent to 5,095.57 while the FTSE 250 fell 0.56 percent to 8,407.36. British Energy Group (LSE: BGY) added 5.66 percent after ...



September 23, 2008

Eurasian leads miners lower in London

by Elaine Frei
Eurasian leads miners lower in London
European equities markets declined Tuesday after US Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee that if Congress fails to pass the government’s $700 billion plan to buy bad debts from banks, markets and the economy could be harmed. Declines also came as commodities related shares fell on declines in the prices of crude oil and metals. In London, the FTSE ...



September 22, 2008

Punch Taverns, Enterprise Inns lead leisure sector lower

by Elaine Frei
Punch Taverns, Enterprise Inns lead leisure sector lower
European equities markets were lower Monday on higher oil prices that hurt the retail and travel and leisure sectors even as Germany, France, the Netherlands and Belgium all banned short-selling of shares in some companies, following the example of the US and the UK as well as some Asia-Pacific nations. In London, the FTSE 100 was down 1.41 percent to ...



September 19, 2008

British Energy loses big, BT Group wins big in London

by Elaine Frei
British Energy loses, big, BT Group wins big in London
The FTSE 100 had its biggest percentage gain in history Friday as European markets soared on plans to rebuild confidence in the markets by the US and UK governments and others. In London, the FTSE 100 added 8.84 percent to 5,311.3 while the FTSE 250 gained 7.75 percent to 8,982.7. The 100’s gain came on big losses as well ...



Moody’s threatens downgrades on MBIA and Ambac

by Brian Turner
Moodys nonsense threat on downgrades to MBIA and Ambac
Ratings agency Moody's has threatened to reduce the ratings on MBIA and Ambac within the next few weeks by multiple grades. This is despite the fact that Ambac has a subsidiary within weeks of launch, and MBIA has another in development, both of which aim to see both bond insurers eligible for future upgrades to coveted triple A ratings. Both ...



September 18, 2008

Gold miner Hochschild up on rising prices

by Elaine Frei
Gold miner Hochschild up on rising prices
Most European equities markets were lower Thursday on sentiment that infusions of money into the financial system by several central banks will not be sufficient to turn around the credit crisis. In London the FTSE 100 was down 0.66 percent to 4,880 but the FTSE 250 added 0.32 percent to 8,336.8. Gold miner Hochschild (LSE: HOC) added 25.15 percent as the biggest ...



Shares in US Financials rally after crisis

by Brian Turner
Shares in US Financial rally after crisis
Shares in US financials have begun a powerful rally, which has seen shares in many US banks leap by double percentile figures. The rally began just before 6pm GMT and 1pm New York time. Companies previously hit hard by investor fears on their mortgage assets are seeing the strongest rebound, with mortgage insurers and US banks with significant mortgage assets showing incredible ...



September 17, 2008

HBOS sees big decline

by Elaine Frei
HBOS sees big decline
European equities markets were lower Wednesday after US housing starts declined in August and on declines among miners as investors worried about demand for metals. In London the FTSE 100 was 2.25 percent lower to 4,912.4 while the FTSE 250 dropped 1.18 percent to 8,309.8. The top five decliners on the 100 were all from either the banking or mining sector, with HBOS (LSE: HBOS) ...



September 16, 2008

Rating cut for American International Group hurts equities markets

by Elaine Frei
Rating cut for American International Group hurts equities markets
European equities markets were mostly lower Tuesday on continuing fallout from the Lehman Brothers (NYSE: LEH) bankruptcy and after Standard & Poor’s and Moody’s Investors Service both cut their credit ratings on US insurer American International Group (NYSE: AIG). This downgrade will likely make it more difficult for AIG to raise the money it needs to remain in business. In ...



September 15, 2008

Meltdown Monday for banks

by Brian Turner
Meltdown Monday for banks
Within the past 24 hours, two of the world's biggest investment banks have been destroyed - Lehman Brothers filed bankruptcy, while Merrill Lynch was rescued by Bank of America. The Fed extended emergency lines of credit; Wall St banks set up a $70 billion liqiudity fund. And global insurance super giant AIG suddenly threatened to implode. Today was an extraordinary day of trading on ...



Lehman Brothers bankruptcy causes upheaval in markets

by Elaine Frei
Lehman Brothers bankruptcy causes upheaval in markets
European equities markets saw substantial declines Monday as Lehman Brothers (NYSE: LEH) declared bankruptcy after no takeover could be arranged and the US government declined to offer a bailout deal and after Merrill Lynch (NYSE: MER; TYO: 8675) allowed Bank of America (NYSE: BAC; TYO: 8648) to take it over. In London the FTSE 100 was down 3.92 percent to 5,204.2 ...



Lehman Brothers files bankruptcy

by Brian Turner
Lehman Brothers files bankruptcy
Lehman Brothers is filing for Chapter 11, creating the largest bankruptcy in US corporate history. The move comes as Barclays and Bank of America withdraw from talks on acquiring the company as it became clear that any buyer would not be protected against Lehman's debt obligations. Lehman Brothers CEO Richard Fuld had refused to raise capital through share options or asset sales when other financial ...



September 12, 2008

Eurasian, Anglo American lead miners, FTSE 100 higher

by Elaine Frei
Eurasian, Anglo American lead miners, FTSE 100 higher
Equities markets in Europe saw gains Friday as commodities-related shares advanced. In London, the FTSE 100 added 1.85 percent to 5,416.7 while the FTSE 250 gained 1.15 percent to 8,976.7, with the 100 led by miners. Gains in the prices of industrial metals sent Eurasian (LSE: ENRC) up 9.06 percent while Anglo American (LSE: AAL) was 8.4 percent higher, Rio Tinto ...



September 11, 2008

Home Retail leads DIY retailers lower

by Elaine Frei
Home Retail leads DIY retailers lower
European equities markets were lower again Thursday. In London the FTSE 100 was down 0.89 percent to 5,318.4 while the FTSE 250 dropped 1.03 percent to 8,874.9. Most retailers were lower, with DIY retailers down on declines in sales as Kingfisher (LSE: KFG) dropped 5.38 percent and Home Retail Group (LSE: HOME) dropped 5.69 percent as sales as its Argos stores were down ...



September 10, 2008

Enterprise Inns declines on downgrade

by Elaine Frei
Enterprise Inns declines on downgrade
European equities markets were lower Wednesday after the European Commission lowered its projection for economic growth in the Eurozone this year and another report showed that the UK economy will contract this year for the first time in a decade. In London, the FTSE 100 was 0.91 percent lower to 5,366.2 while the FTSE 250 dropped 1.87 percent to 8,967.2. Enterprise Inns (LSE: ETI) ...