UK markets closed mixed yesterday, as gains in miners and defensive stocks were offset by losses in banks and energy stocks. The FTSE 100 rose 0.1% to 5,710.7. FTSE 250 lost 0.1% to 10,209.5.
Xstrata, Kazakhmys and Vedanta Resources, recorded gains, as a weaker dollar pushed up base metal prices. Antofagasta added 2.0%, as May copper contract gained 3.8% to $3.53 per pound. Randgold Resources rose 1.4%, after gold prices for June contract ended 0.5% higher at $1,111.50 per ounce.
Cairn Energy, Royal Dutch Shell and BG Group, dropped between 0.4% and 1.6%, despite a rise in crude oil prices.
Royal Bank of Scotland, Lloyds Banking Group and Barclays, lost between 0.2% and 1.8%, as UK mortgage approvals unexpectedly dropped to 47,000 in February from 48,000 recorded in the previous month.
British Sky Broadcasting eased 1.9%, after UBS downgraded the stock to “Neutral” from “Buy”, citing current valuation parameters. The stock also fell on concerns over the regulator, Ofcom’s pay-TV review to be published today.
US Market Snapshot, 30 March 2010
US markets finished higher on Monday, as investor sentiment was buoyed by better-than-expected Eurozone industrial and consumer confidence data, with positive US macro and corporate news also providing support. DJIA gained 0.4% to 10,895.9. NASDAQ climbed 0.4% to 2,404.4. S&P 500 index closed 0.6% higher, at 1,173.2.
Boeing added 2.1%, after the company stated that, stress tests of its 787 Dreamliner wings were “positive”, that will determine whether the program can move ahead toward certification to carry passengers by year-end.
Consumer oriented stocks, American Express, Kraft Foods and Wal-Mart Stores, added between 0.4% and 0.9%, as US consumer spending rose 0.3% in February for the fifth straight month, in line with market expectations.
Alcoa, Exxon Mobil and Chevron rallied 1.19%, 1.14% and 1.07% respectively, as crude oil and metals prices rallied. General Electric climbed 0.33%, after GE Capital announced new deals for its business-financing arms.
Verizon Communications edged-up 0.26%, on reports that the company is in talks with London-listed Vodafone to optimize returns on their Verizon Wireless US mobile phone joint venture. AT&T gained 1.03%.
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'Crude Oil Prices Fall Below $80 and Cairn Energy Shares Rise' edited by DB, updated 30-Mar-10
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