Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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

React to this article
Latest news
Date Title
12:57p SMITHS : Notice of Annual Results and AGM
12:57p CITY OF NEW YORK NY : Mayor de Blasio Signs Legislation Requiring Fire Prevention Systems at Animal Service Facilities
12:56pDJVivendi Earnings Rise
12:55p Ontario Teachers'-owned BayBridge to buy senior homes operator Amica
12:54p U.S. private payrolls rise steadily; productivity revised up
12:54p AMERICAN ASSOCIATION OF PROFESSIONAL LANDMEN : Accredits Energy Management Program at The University of Texas at Austin
12:53p PATHFINDER MINERALS : Mozambique Court Refuses Pathfinder Permission To Appeal Against Ruling
12:53p CHINACACHE INTERNATNL HLDGS : IMPORTANT INVESTOR ALERT: Goldberg Law PC Announces an Investigation of Claims Against ChinaCache International Holdings Ltd. on Behalf of Investors
12:52p BRISCOE : Kathmandu takeover may have stalled
12:52p KIWI PROPERTY : At home MetService profit falls Meteorological Service of New Zealand, the state-owned weather bureau, said 2015 annual profit dropped by almost two-thirds ...
Latest news
Advertisement
Hot News 
HARBOURVEST HVGPE : Notification of Interests of Directors
FISHING REPUBLIC : Profit Rises As It Plans More "Destination" Stores
SYNERGETICS USA : USA to Be Acquired by Valeant Pharmaceuticals
HEARTWARE : to Acquire Valtech Cardio
Vera Bradley Announces Fiscal Second Quarter 2016 Results
Most Read News
09/01 TOMPKINS COUNTY NY : Legislature Requests State Study of Large-Scale Gas Pipeline Effects - Sep 01, 2015
12:10p Tech stock lead Wall St. higher as China fears ebb
09/01 EIA ENERGY INFORMATION ADMINISTRATION : Effects of Removing Restrictions on U.S. Crude Oil Exports ›
09/01 Women's Advocate-Paralympian-Actress Aimee Mullins Joins Legendary Voice Builder Gary Catona To Help Women Worldwide Raise Their Voices For Gender Equality With MY VOICE MATTERS
09/01 COMMODITIES : Winners, Losers
Most recommended articles
12:55p Ontario Teachers'-owned BayBridge to buy senior homes operator Amica
12:54p U.S. private payrolls rise steadily; productivity revised up
12:50p Oil falls a second day on large U.S. crude stock build
12:50p Oil falls a second day on large U.S. crude stock build
12:46p Berkeley pushes Weir Group out of FTSE 100 index