Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

LONDON MARKETS: BHP Billiton Drops In London After Downgrade

02/21/2013 | 05:47am US/Eastern

By Sara Sjolin, MarketWatch

LONDON (MarketWatch) -- Mining firms led U.K. stocks lower on Thursday, with sector heavyweight BHP Billiton PLC leading the charge south after a broker downgrade, while business-activity data from the euro zone weighed on broader sentiment.

The FTSE 100 index lost 1.3% to 6,310.12.

Shares of BHP Billiton (>> BHP Billiton Limited) lost 3.6%, after Citigroup cut the miner to neutral form buy, saying that positive catalysts such as capital-expenditure cuts and cost reductions are now priced in.

Other mining firms were also on the decline, as most metals prices headed south. Shares of Rio Tinto PLC (>> Rio Tinto plc) shaved off 2.5%, Vedanta Resources PLC fell 2.3% and Anglo American PLC gave up 1.6%. .

Oil prices dropped, adding pressure on U.K. oil firms. Shares of BG Group PLC erased 1.3%, Royal Dutch Shell PLC (RDSB) fell 1.2% and BP PLC (>> BP plc) eased 1.1%. .

For the broader stock market, investors reacted to lackluster macroeconomic data from the euro zone. The preliminary composite purchasing-managers' index for the region slumped to a two-month low of 47.3 in February from a January reading of 48.6, coming in below analysts' expectations. .

The pan-European Stoxx Europe 600 index gave up 1.1% 285.86. .

Banks were among major decliners in London. Lloyds Banking Group PLC u dropped 2.2%, Barclays PLC (>> Barclays PLC) fell 1.8% and Royal Bank of Scotland Group PLC (>> Royal Bank of Scotland Group plc) lost 1.5%. Heavyweight HSBC Holdings PLC (>> HSBC Holdings plc) eased 1.4%.

On a more upbeat note in London, shares of BAE Systems PLC jumped 4.2%, after the aerospace and defense firm said it sees modest earnings-per-share growth in 2013 and launched a three-year one billion pound ($1.5 billion) shares buyback program. and .

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Latest news
Date Title
<1m ago HOME RETAIL : Half Year Results - Part 2
<1m ago SHANTA GOLD : Directors Dealings
<1m ago SUPERGROUP : Appointment of CEO
<1m ago 16 10 2014 : ntroduction to trading of Investeko S.A. (16 10 2014)
<1m ago PUBLIC POWER : Licensing of two Wind Parks in Rodopi
<1m ago BAVARIAN NORDIC A/S : Provides Update on Business Activities and Reports Preliminary Interim Financial Results for the First Nine Months of 2014
<1m ago AL KHALIJ COMMERCIAL BANK : Khiji reports an impressive 35% increase in q3 profits at qr 145.9 million
<1m ago XEROS TECHNOLOGY : Final results for the year ended 31 july 2014
<1m ago HOME RETAIL : Half Year Results - Part 1
<1m ago XEROS TECHNOLOGY : New Director Appointment
Latest news
Advertisement
Hot News 
TAKATA : says to cooperate 'fully' after U.S. warning to drivers
McDonald's CEO acknowledges image problems after tough results
MAGNEGAS : Appoints Richard Conz as VP of Engineering
PURECIRCLE : Dealings in Shares
ASOS : Bruised, burnt but Asos fights back
Most Read News
1d ago U.S. regulator expands warning over Takata air bags, more lawsuits filed
1d ago APPLE : How to Stop Apple Spying on Your Yosemite Searches
1d ago McDonald's CEO acknowledges image problems after tough results
1d ago AMGEN : Third Point urges Amgen to consider breakup
1d ago TRUECAR : to Announce Third Quarter 2014 Financial Results on Thursday, November 6th
Most recommended articles
1m ago HEINEKEN : reports surprise decline in beer sales on damp Europe
8m ago GROUPE EUROTUNNEL : Eurotunnel says third-quarter revenue rises seven percent
12m agoDJABB : 3rd Quarter Net Profit Falls 12%
14m ago ABB third-quarter orders beat expectations, outlook uncertain
15m ago Dubai bank ENBD third quarter profit doubles on higher income, lower provisions
Dynamic quotes  
ON
| OFF