UK Home Prices Rise at 2.3

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Market Update Analysis:

UK Home Prices Rise at 2.3%

Author: 123jump.com Staff
123jump.com
Last Update: 2:19 PM EST January 28 2008

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UK stocks fell 1.4% or 80.10 to 5,788.90 after UK home prices rose at the slowest pace in eighteen months. The price increase declined for the fourth month in a row hurting the trading sentiment in stocks. UK households spent an average of £143 a week on housing-related costs in 2006, according to analysis in Family Spending, published today by the Office for National Statistics. Taylor Wimpey led the decliners in the FTSE 100 index. Retailers fell as well.

Sumco Corporation led decliners in Nikkei 225 stocks with a plunge of 11.46% followed by losses in Fanuc Limited of 9.09%, in Mitsumi Electric Company of 8.85%, in Fuji Electric House of 8.19%, in Mitsumi Engineering & Shipbuilding of 8.17%.

Exporters also fell after the yen gained from 106.72 to 106.08 against the dollar at the close of trade. Canon Incorporated fell 4.94%, Sony Corporation shed 3.52% and Toyota Motor Corporation declined 2.51%.

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