Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  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
01:17p RAYTHEON : The Association of Old Crows - Symposium
01:17p IRI Announces “Total Data Management” Platform
01:16p TALEN ENERGY : Bailey's produce stand closes
01:16p KROGER : Names New Investor Relations Director
01:16p IoT Evolution Expo Provides high-level overview of Industry with Certification Series
01:16p ALLIED WORLD ASSURANCE : North America and Emerge Diagnostics to Provide EFA-STM Program to DBA Policyholders
01:15p USD/CAD Continues to Coil Ahead of BoC- RSI Trigger in Focus
01:15p SEARS HOMETOWN AND OUTLET STORES : Retail Refresh: Sears Hometown Updates Two Illinois Locations
01:15p Gold Reserve Completes Issuance of US $12.3 Million of New Convertible Notes and Modifies Terms of Existing US $44 Million of Convertible Notes and Related Interest Notes
01:14p Automakers report higher November sales in Canada
Latest news
Hot News 
UBS : House View 2016 & Beyond: A world in transition
Giga-tronics Signs Software Agreement With Lockheed Martin
MINCO : 2015 Q3 Interim Financials
ISG : Expects Loss For UK Construction Arm, Other Units In Line
ASCENT SOLAR TECHNOLOGIES : StockNewsNow.com Publishes New SNNLive Video Interview With Ascent Solar Technologies, Inc.
Most Read News
11/30 ANCHOR CAPITAL CORPORATION : Announces Proposed Qualifying Transaction
03:08a ROBECO NV : builds presence in the UK
10:35a TSX gains as energy, financials stocks move higher
05:30a EPIGENETICS MARKET WORTH $16.31 BILLION BY 2022 : Grand View Research, Inc.
11/30DJAustralia Current Account Deficit Narrows
Most recommended articles
01:15p USD/CAD Continues to Coil Ahead of BoC- RSI Trigger in Focus
01:14p Automakers report higher November sales in Canada
01:13p Porsche, Piech families committed to Volkswagen and Wolfsburg
01:12p WOLFGANG PORSCHE : Porsche, Piech families committed to Volkswagen and Wolfsburg
01:03pDJPuerto Rico Avoids Default on Over $350 Million in Bond Payments -- Update