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Equity Market News 06th February 2012

Equity Org Headlines:

Essar Energy adds 3 percent in mostly lower London energy sector

Antofagasta leads miners higher in London

Hunting plc leads energy sector lower

Sports Direct International leads London retailers higher

Pace plc drops 40 percent on profits warning

Royal Bank of Scotland leads London banks lower

Royal Bank of Scotland leads banks, FTSE 100 higher in London

Lloyds Banking Group drops 8 percent on first-quarter loss

Lloyds shares down on PPI claims

Aquarius Platinum adds 7 percent amid mostly lower mining sector

26/08/05

Permalink 04:26:54 pm, Categories: New York NYSE, Technology, Food, Real Estate, 336 words  

New York equities down on property concerns

The New York equities markets were down on the day Friday and on the week as durable goods orders and sales of existing homes were down, as well as on data released on Friday by the University of Michigan that consumer sentiment in the US has fallen more than was expected.

Not helpful for the markets, either, were comments by Federal Reserve chairman Alan Greenspan that housing prices are unbalanced and could end up affecting the US economy adversely.

The Dow Jones Industrial Average lost 0.5 percent on the day and 1.5 percent on the week to close at 10,397.29, the Nasdaq composite fell 0.6 percent Friday and 0.7 percent for the week to 2,120.77, and the S&P 500 was down by 0.6 percent for the day and 1.2 percent on the week to 1,205.1, leaving both the Nasdaq and the S&P at their lowest levels since the middle of July.

Some companies that saw losses this week blamed climbing oil prices that cut into consumer spending for other items.

Applebee’s International, the restaurant chain, said that high oil prices were the main reason that it reduced its earnings predictions for the year. Applebee’s lost 8.1 percent on the week to close at $22.36 on Friday.

Furniture maker La-Z-Boy lost 3.8 percent this week to end at $13.51 after it said second-quarter sales would be down due to high oil prices impinging on consumer spending in other areas.

Homebuilders saw losses on the week despite a report of a record month for sales of new homes in July. Beazer Homes lost 4.4 percent on the week to $58.56, KB Homes lost 2.6 percent to $$70.09, and Pulte Homes declined by 1.7 percent to $83.02. The S&P sector index for homebuilders dropped 1.2 percent on the week.

There were gains on the week, with York International, the heater and air conditioner maker, up 37 percent to $57 after an offer from Johnson Controls.

The rest of the sector also saw gains. In the technology sector, Hewlett Packard gained 0.4 percent to $27.01 when it said it would invest $150 million in radio frequency identification technology.

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