XTA, AQP see gains amid mining sector declines

European equities markets were lower Thursday as the banking sector turned from gains to losses, while miners were the best gainers on both the FTSE 100 and FTSE 250 in London even though the mining sector was mostly lower on the session.

The 100 was down 2.45 percent to 4,190.11 while the 250 dropped 2.35 percent to 6,272.61.

Xstrata (LSE: XTA) added 3.61 percent for the best performance on the 100, while Aquarius Platinum (LSE: AQP; ASX: AQP; JSE: AQP) was up 13.14 percent to lead winners on the 250.

Businesses related to the financial sector were down in London, with losses on the 100 led by venture capital and private equity firm 3i Group (LSE: III) as it fell 16.42 percent, while Lloyds Bank Holdings (LSE: LLOY) dropped 11.79 to lead banks lower and insurer Old Mutual (LSE: OML; JSE: OLOML) was down 11.06 as the biggest loser in its sector.

Elsewhere in the region, the Eurofirst 300 fell 1.78 percent to 796.4 while the Dax was down 2.01 percent to 4,428.11, the CAC-40 was 2.15 percent lower to 3,009.75 and the IBEX dropped 2.58 percent to 8,477.4.

There were only three gainers on the CAC-40 while carmaker Renault (Euronext: RNO) dropped 8.59 percent for the worst performance on the Paris index.

At the same time, Deutsche Bank (FWB: DBK; NYSE: DB) had the worst day on the Dax with a decline of 5.87 percent.

Among other banks seeing losses were Spain’s Banco Santander (BMAD: SAN; LSE: BNC; NYSE: STD), which was down 2.45 percent, and Credit Suisse (SWX: CSGN; NYSE: CS) with a decline of 4.23 percent.

Most Asia-Pacific markets, on the other hand, saw gains on the session.

In Tokyo the Nikkei 225 added 1.79 percent to 8,251.24 while the Topix index was up 1.76 percent to 818.47 and the Mothers market gained 0.01 percent to 337.88.

The gains came as banks advanced and even though the yen saw gains on the US dollar and earnings reports from several sectors disappointed.

Among banks, Mitsubishi UFJ ( TYO: 8306; NYSE: MTU) was up 4.8 percent while Mizuho Financial (TYO: 8411; NYSE: MFG) added 5.1 percent and Sumitomo Mitsui (TYO: 8316) was up 13.4 percent.

The Straits Times Index added 0.04 percent to 1,766.72 while the Kospi was up 0.74 percent to 1,166.56.

In Australia, the Sydney Ordinaries gained 0.76 percent to 3,461.3 and the S&P/ASX200 was 0.88 percent higher to 3,526.2, while in Hong Kong the Hang Seng added 4.58 percent to 13,154.43.

India’s Sensex dropped 0.23 percent to 9,236.28, while markets in China and Taiwan remained closed for the Lunar New Year holiday.

In early afternoon trade in New York the Dow Jones Industrial Average was down 2.39 percent to 8,175.29 while the Nasdaq Composite had dropped 2.97 percent to 1,512.12 and the S&P 500 was 2.81 percent lower to 849.57.

Airplane manufacturer Boeing (NYSE: BA) was down again, dropping 6.36 percent in afternoon trade, on its announced job cuts and on a cancelled order for fifteen 787 Dreamliners from a Russian airline.

Homebuilders declined after the Commerce Department said that new home sales were down 7.7 percent in December.

Toll Brothers (NYSE: TOL) fell 6.63 percent while Hovnanian Enterprises (NYSE: HOV) dropped 8.38 percent by about 1:30 p.m. in New York.

Story link: XTA, AQP see gains amid mining sector declines