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Randgold Resources leads gains on 100, in London mining sector


Post Date: 03 Sep 2011    Viewed: 543

European equities markets were lower Friday after the US Labor Department reported that there was no job growth in the United States in August, leaving the unemployment rate at 9.1 percent, and that for those with jobs, the number of hours worked and hourly earnings were both down during the month.


The FTSE 100 was down 2.34 percent to 5,292.03 in London, while the FTSE 250 dropped 1.85 percent to 10,381 as banks were lower and as most miners declined on dropping prices for base metals, although some gold miners managed gains.


Gold miner Randgold Resources (LSE: RRS) was up 4.3 percent to lead gains on the 100 and in the mining sector, followed on the 100′s list of gainers by gold and silver miner Fresnillo (LSE: FRES), which added 0.54 percent, while over on the 250 diamond miner Gem Diamonds (LSE: GEMD) gained 3.46 percent.


Anglo American (LSE: AAL), which mines diamonds, platinum and some base metals, was the worst performer in the mining sector as it dropped 4.71 percent.


Banks led declines on the 100, with Barclays Bank (LSE: BARC) down 8.4 percent as the worst performer on the index and in the sector, followed by Lloyds Banking Group (LSE: LLOY) with a decline of 7.14 percent, while Royal Bank of Scotland also placed among the 100′s five worst performers as it dropped 5.37 percent.


Over on the 250, exhibitions and conference organizer ITE Group (LSE: ITE) added 8.64 percent to lead gains on that index, while pubs operator Enterprise Inns (LSE: ETI) dropped 7.61 percent to lead declines on the 250 and in the travel and leisure sector, which saw just three gainers, led by Dominos Pizza UK & IRL (LSE: DOM) with a gain of 1.47 percent.


There were just two gainers on the energy sector, led by oil and gas explorer SOCO International (LSE: SIA) with a gain of 1.33 percent, while oil rig builder and refurbisher Lamprell (LSE: LAM) turned in the worst performance in the sector as it dropped 6.66 percent.


Drug maker AstraZeneca (LSE: AZN) was down 3.65 percent as the worst performer in an all-lower health care sector after testing of its Crestor anti-cholesterol drug showed that it did not live up to expectations.


The FTSE Eurofirst 300 was down 2.54 percent to 948.63, while the Dax fell 3.36 percent to 5,538.33, the IBEX was 3.4 percent lower to 8,463.5 and the CAC-40 dropped 3.59 percent to 3,148.53.


There were no gainers on the CAC-40, where the three biggest decliners were in the banking sector, while there was just 1 gainer on the IBEX and only two gainers on the Dax, where the two biggest losers were banks.


Markets in the Asia-Pacific region were mostly lower even before the US released US employment figures for August on concerns that the unemployment rate would not fall below 9 percent.


The Nikkei 225 was down 1.21 percent to 8,950.74 in Tokyo, while the Topix index was 1.09 percent lower to 769.78 and the Mothers market dropped 0.72 percent to 446.05 as exporters were hurt by speculation that US orders will decline as its economy weakens.


Carmakers were lower as a new report showed that their US market shares dropped in August from the same time last year, with Toyota Motor (TYO: 7203) down 1.6 percent after its US market share fell to 12.1 percent, a 13 percent decline from last year, while Honda Motor (TYO: 7267) was 2 percent lower after its US market share fell 24 percent from last August to just 7.7 percent.


Consumer electronics manufacturer Sony (TYO: 6758) was down 4.3 percent.


Elsewhere in the region, Taiwan’s Taiex was down 0.01 percent to 7,757.06, the Kospi fell 0.69 percent to 1,867.75 in South Korea, Singapore’s Straits Times Index dropped 0.84 percent to 2,843.09, the Shanghai Composite was 1.09 percent lower to 2,528.28, Australia’s markets declined as the Sydney Ordinaries dropped 1.4 percent to 4,321.5 and the S&P/ASX200 was down 1.5 percent to 4,242.9, and the Hang Seng was 1.81 percent lower to 20,212.9 in Hong Kong.


India’s Sensex was up 0.87 percent to 16,821.5 after being closed for holidays on Wednesday and Thursday.


New York equities markets were lower in midday trade, with the Dow Jones Industrial Average down 1.63 percent to 11,306.8 while the S&P 500 had ddropped 1.8 percent to 1,182.8 and the Nasdaq Composite was 1.72 percent lower to 2,502.13.


Crude oil prices were lower at midday in New York, also on jobs data, with West Texas Intermediate crude down $1.57 to $87.36 per barrel on the New York Mercantile Exchange, while Brent crude was last reported down 78 cents to $113.51 per barrel on the ICE Futures Europe exchange in London.


Precious metals prices, on the other hand, were higher as investors looked for safe places to put their cash after equities markets dropped on the bad news from the Labor Department, with gold up $50.80 at just before 12:30 p.m. New York time to $1,879.90 per troy ounce, while silver was up $1.55 to $43.08 per troy ounce.


Copper was lower on jobs data, but might have fallen more if it were not for worries about supplies, especially from Chile and Peru, with New York prices down 4 cents to $4.12 per pound while three-month contracts dropped $72 to $9,076 per tonne on the London Metal Exchange.


Aluminium, zinc, nickel and lead were also lower in London trade, while tin was nearly flat, adding just $5 to $24,250 per tonne.


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