Australia markets up on mining sector bid

Asia-Pacific equities markets were mixed on Friday. In Australia, the S&P/ASX200 added 0.37 percent to 6,545.7 and the Sydney Ordinaries gained 0.59 percent to 6,607.4 after BHP Billiton (ASX: BHP; NYSE: BHP; LSE: BLT) tendered a new offer for Rio Tinto (ASX: RIO; LSE: RIO; NYSE: RTP). Rio Tinto jumped 15 percent to A$130.90 on the news, but BHP dropped 2.3 percent to A$42.25. Other gainers in the region included Hong Kong’s Hang Seng index, which gained 0.08 percent to 28,783.41. In Taiwan, the Taiex was up 0.37 percent to 8,970.92 while the Kospi index was 0.55 percent higher to 1,990.47 in South Korea. Losers on the session included the Shanghai Composite, which dropped 0.27 percent to 5,315.54. India’s Sensex was down 0.79 percent to 18,907.6 while the Straits Times index fell 2 percent to 3,599.67.

Tokyo’s markets were lower on the day. The Nikkei 225 was 1.19 percent lower on the session to 15,583.42 while the Topix index fell 1.49 percent to 1,494.35 and the Mothers market plummeted 4.46 percent to 817. Banks were lower, while the pharmaceuticals sector was mixed and commodities-related shares saw gains.

In Europe, markets fell on more worries about the subprime crisis. The FTSE Eurofirst 300 fell 1.56 percent to 1,511.91. In Frankfurt the Dax fell 0.09 percent to 7,812.4 while the IBEX dropped 1.35 percent to 15,731.2 in Madrid and the Paris CAC-40 was down 1.91 percent to 5,524.18. The utilities sector was higher on the session, but banks and the steel sector both saw declines.

London’s markets were also lower. The FTSE 100 was down 1.21 percent to 6,304.9 while the FTSE 250 dropped 1.57 percent to 10,859.1. Miners were mixed on bids news. Holding companies related to gaming, the oil sector, and electricity generators all saw gains, while banks and insurers were lower.

Wall Street was significantly lower in midday trade on continuing concerns about losses to the credit crisis. The Dow Jones Industrial Average was 1.18 percent lower to 13,109.48 while the Nasdaq Composite had dropped 2.1 percent to 2,639.38 and the S&P 500 fell 1 percent to 1,460.06. Banks, media groups and the oil sector all declined, while the pharmaceuticals sector saw gains on a lawsuit settlement.

Story link: Australia markets up on mining sector bid