Global equities see gains on session

Gains in commodity-related shares lifted Tokyo’s equities markets on Monday. The Nikkei 225 was up 1.18 percent to 13,450.23 while the Topix index was 1.29 percent higher to 1,305.63 and the Mothers market added 2.21 percent to 628.43. Traders and miners saw gains. In addition, mobile-phone carriers were up on broker upgrades in the sector. On the other hand, utilities declined after a broker downgrade of the sector as a whole, citing rising fuel costs. The steel sector was also lower.

Elsewhere in the Asia-Pacific region, markets saw gains on the same rising commodities prices that helped Tokyo’s markets. In Australia, the S&P/ASX200 was up 0.1 percent to 5,625 while the Sydney Ordinaries gained 0.36 percent to 5,684.1. The Kospi index was 0.4 percent higher to 1,773.56 in South Korea. The Strait Times Index added 0.84 percent to 3,181.92 while the Hang Seng gained 1.29 percent to 24,578.76. Taiwan’s Taiex index was up 1.55 percent to 8,729.79, the Sensex added 2.7 percent to 15,757.08 in India, and the Shanghai Composite gained 4.45 percent to 3,599.62.

London’s markets were higher on the session, with the FTSE 100 adding 1.14 percent to 6,014.8 and the FTSE 250 gaining 0.78 percent to 10,244.5. Miners were higher on a broker upgrade of the sector and on a prediction of increased metals prices. Insurers were higher, as were most retailers and the media sector. Banks, real estate developers and utilities were mixed.

Markets were higher in the rest of Europe as well. The pan-European FTSE Eurofirst 300 was up 0.83 percent to 1,329.37. The IBEX added 0.53 percent to 13,919.6 while the Dax was 0.85 percent higher to 6,821.03 and the CAC-40 gained 0.89 percent to 4,944.6. Banks led gains after a broker upgrade of the sector on the theory that the worst of the credit crisis is over. Airlines, the telecommunications and semiconductors sectors, software groups, and stock exchange operators were all higher. There were gains among cosmetics manufacturers on bids rumors in the sector. Carmakers were mixed, while drinks makers, insurers and the retail sector all saw declines.

The New York markets were higher in mid-afternoon trade. The Dow was up 0.48 percent to 12,670.24 while the Nasdaq Composite had added 0.19 percent to 2,375.37 and the S&P 400 gained 0.63 percent to 1,379.02 at nearly 2:30 p.m. The oil sector was up on higher prices, pushed up by refinery problems in Europe and a shipping stoppage due to bad weather in Texas. Banks gained on a broker upgrade in Europe while the steel sector also gained on upgrades. Restaurants were mixed after an analyst warning that profits will likely be down when first-quarter reports are released.

Story link: Global equities see gains on session