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 | 12:59pm 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 retreat after a broker downgrade, while business-activity data from the euro zone weighed on broader sentiment.

The FTSE 100 index lost 1.6% to close at 6,291.54, marking the worst daily performance since July last year.

Shares of BHP Billiton (>> BHP Billiton Limited) lost 4%, after Citigroup cut the miner to neutral from 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 turned lower. Shares of Rio Tinto PLC (>> Rio Tinto plc) shaved off 3.5%, Vedanta Resources PLC fell 4.1% and Anglo American PLC gave up 1.4%. .

Oil prices dropped, adding pressure on U.K. oil firms. Shares of BG Group PLC erased 0.7%, Royal Dutch Shell PLC (RDSB) fell 1.3% 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 1.5% 284.86. .

Banks were among major decliners in London. Lloyds Banking Group PLC dropped 3.1%, Barclays PLC (>> Barclays PLC) fell 4.2% and Royal Bank of Scotland Group PLC (>> Royal Bank of Scotland Group plc) lost 2.2%. Heavyweight HSBC Holdings PLC (>> HSBC Holdings plc) eased 2.3%.

On a more upbeat note in London, shares of BAE Systems PLC jumped 4.1%, 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 .

Shares of Rexam PLC rose 0.7% to GBP5.05 ($7.67) a share, as Citigroup reiterated its buy rating on the packaging company and lifted the price target to GBP5.70 from GBP5.12.

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

React to this article
Latest news
Date Title
<1m ago SONY : faces 4th ex-employee lawsuit over hack
<1m ago RCS CAPITAL : Material Modification to Rights of Security Holders, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Other Events, Financial Statements and Exhibits (form 8-K)
<1m ago ADCARE HEALTH SYSTEMS : Regulation FD Disclosure (form 8-K)
1m ago AVENUE INCOME CREDIT STRATEGIES FUND : Special Year End Distribution And January Monthly Dividend
1m ago RUBICON PROJECT : Grants Inducement Equity Awards
2m ago BROWN SHOE : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
2m ago EATON V TAX ADVANTAGED DIVIDEND FUND : Vance Declares Early Monthly Distributions and Capital Gain Distributions for Certain Vance Closed-End Funds
3m ago PRIVATEBANCORP : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
3m ago Morgan & Morgan Has Filed a Complaint Against Tesco PLC With Expanded Class Period of April 18, 2012 and October 22, 2014 -- TSCDY
4m ago ASIAN BAMBOO : DEG demands immediate repayment of the DEG-Loan; repayment claim amounts to approx. USD 16.1 million (DGAP Adhoc)
Latest news
Advertisement
Hot News 
DENDREON : Entry into a Material Definitive Agreement, Change in Directors or Principal Officers, Other Events, Financial Statements and Exhibits (form 8-K)
DIXONS CARPHONE : *exane bnp raises dixons carphone price target to 510 (450) pence - 'outperform'
BERKELEY MINERAL RESOURCES : Obsidian IR
Anchor BanCorp Wisconsin Inc. to Join Multiple Russell Indexes
ATLANTIS RESOURCES : Makes First MeyGen Facility Drawdown
Most Read News
1d ago Wall St. has best second-day gain since 2011 on Fed optimism
1d agoDJKEPPEL LAND : Correction to Keppel Land to Buy 75% Stake in Array Article (on Friday)
1d ago WELLS FARGO : exec Petrilla is new head of state's California-China trade office
1d ago Unilever drops mayonnaise suit against Just Mayo maker
1d ago Brazil's Rousseff vows clean-up of scandal-tainted Petrobras
Most recommended articles
6m ago Sony Pictures CEO says had no choice but to pull 'The Interview'
14m ago BOEING : U.S. dismisses new EU claims on Boeing tax breaks
14m ago EU widens trade row with new Boeing subsidy claim
16m agoDJBOND REPORT : Treasury Yields Retreat After 2 Sessions Of Gains In Illiquid Trade
20m agoDJCanada Imposes New Sanctions on Russia
Dynamic quotes  
ON
| OFF