Steelmaker MT gains on quarterly report

European equities markets saw gains Wednesday.

Gains were led by the steel sector as ArcelorMittal (Euronext: MT; NYSE: MT; BMAD: MTS; LuxSE: MT), the world’s largest steel company, added 8.27 percent on the CAC-40 after it reported that second quarter profits were above estimates and forecast third quarter earnings gains in several regions globally, while at the same time ThyssenKrupp (FWB: TKA; LSE: THK) was up 7.82 percent on Frankfurt’s Dax.

Retailers, chipmakers and insurers also saw gains, but airlines, the aerospace sector, utilities, hotels, and the food and beverage sector all saw declines.

The FTSE Eurofirst 300 was up 1.61 percent to 1,181.32 while the Dax was 0.96 percent higher to 6,460.12, Madrid’s IBEX added 1.15 percent to 11,817.9 and the Paris CAC-40 gained 1.85 percent to 4,400.55.

In London, the FTSE 100 was up 1.91 percent to 5,420.7 while the FTSE 250 gained 1.77 percent to 8,886.3 as travel-related shares saw gains with British Airways (LSE: BAY; NYSE: BAB) adding 5.84 percent and cruise line operator Carnival (LSE: CCL; NYSE: CCL) was up 0.39 percent.

Miners and the real estate sector saw gains, most in the oil sector were up, and banks and the retail sector were mixed.

Most equities markets in the Asia-Pacific region were higher Wednesday, the main exception being the Shanghai Composite, which dropped 0.48 percent to 2,836.67.

Tokyo’s markets were mixed as the Nikkei 225 added 1.58 percent to 13,367.79 and the Topix index gained 1.67 percent to 1,302.99 but the Mothers market of small and mid-caps dropped 1.12 percent to 521.22.

In the electronics sector, Matsushita Electric Industrial (TYO: 6572; NYSE: MC) helped by adding 5.5 percent after its fiscal first-quarter results showed that net income was up 86 percent in the quarter on a rise in the sales of televisions, but the sector remained mixed as Sony (TYO: 6758; NYSE: SNE) dropped 2.9 percent after it cut its prediction on net income.

Tiremakers, the pharmaceuticals sector, food processors and the steel sector all saw gains in Tokyo.

Other markets in the region were helped out by gains in the banking and steel sectors, while the pharmaceuticals sector gained on a broker upgrade within the sector and airlines jumped on lower oil prices.

The Kospi added 0.67 percent to 1,577.7 while Taiwan’s Taiex was up 0.8 percent to 7,070.35 and the Straits Times Index gained 1.35 percent to 2,925.5.

In Australia, the Sydney Ordinaries added 1.73 percent to 5,008.7 and the S&P/ASX200 was 1.84 percent higher to 4,936.7 as some banks saw slight gains after several days of declines and the real estate sector was higher.

The Hang Seng was up 1.94 percent to 22,690.6 while India’s Sensex gained 3.59 percent to 14,287.21.

Wall Street was up in midday trade, with the Dow Jones Industrial Average adding 0.86 percent to 11,495.19 as the Nasdaq Composite was up 0.26 percent to 2,325.59 and the S&P 500 had gained 0.73 percent to 1,272.38.

Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM) were up 1.9 percent and 3 percent respectively after the Securities and Exchange Commission extended to mid-August an order that keeps traders from short-selling their stock and those of a number of investment banks and after the Federal Reserve extended until the beginning of next year two programs for lending to investment banks.

The retail sector saw gains, as did theme-park operator Walt Disney (NYSE: DIS) and cable TV and broadband internet provider Comcast (NAS: CMCSA).

Story link: Steelmaker MT gains on quarterly report