In yesterday’s trading the U.K. stocks fell for a third day; thus, extending a three-month low, the UK stocks are down due to U.S. lawmakers’ failure to solve their debt limit issue before next week’s deadline. On the other hand, Asian stocks swung between gains and losses due to rise in health care shares and decline of energy companies and materials producers’ shares.
Vedanta Resources Plc is a global diversified metals and mining company headquartered in London, United Kingdom, was a major loser in trade as it tumbled to a three-month low after reporting a decline in copper output in Zambia. The largest mining and non-ferrous metals company in India with operations in Australia and Zambia is in doldrums for the last three months.
Similarly, N Brown Group Plc dropped 5.1 percent when first-half profit missed estimates from investors. Earlier the company Chairman Andrew Higginson the company got strong sales growth of 8% for the first half of the year and hoped that the business is in an excellent position to continue to deliver positive results, however, that does not seem to have positive impact on its shares.
Amidst the news that POTUS has picked Janet Yellen for the top job in the Federal Reserve the FTSE 100 Index (UKX) retreated 27.92 points, or 0.4 percent, to 6,337.91 at the close in London. The event seems to have impact on the equity benchmark as it decreased 4.3 percent from a high on Sept. 19.
Asian Stocks Fluctuate Amidst the U.S. Debt Crisis
Reportedly, Asian stocks swung between gains and losses. Whereas BHP Billiton Ltd., the world’s biggest mining company, fell 1 percent in Sydney, Mazda Motor Corp., the automaker added 2.7 percent as the yen slid for a third day. Like Mazda, Alfresa Holdings Corp. was also upbeat and gained 3.7 percent in Tokyo.
It was not a good trading day for Sa Sa International Holdings Ltd. as Credit Suisse Group AG dictated that the cosmetic retailer’s sales during China’s week-long holiday missed estimates. The poor performance of the company corresponded in stock and they fell 4.1 percent in Hong Kong.
Whereas the BSE index is flat, the NSE index is up 0.09 percent at 10:47am IST. However, after dropping 22 basis points in the last two sessions, India 10-year government bond yield up 1 basis point at 8.47 percent on profit-taking.
To contact the reporter of this story: Jonathan Millet at email@example.com