Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

LONDON MARKETS: BHP Billiton Drops In London After Downgrade

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/21/2013 | 06:59pm CEST

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
07:32p ROI LAND INVESTMENTS LTD : Change in Directors or Principal Officers (form 8-K)
07:32p ALLIANT ENERGY : to vacate First Avenue building
07:31p SUMNER REDSTONE : Judge says has 'concerns' on information given to Sumner Redstone
07:31p PR NEWSWIRE : - End of Day
07:30p HYUNDAI MOTOR : South Korean union overwhelmingly rejects wage deal
07:30p BLACK HILLS : Get Your Free Energy-Saving Tree from the Arbor Day Foundation and Black Hills Energy in Wyoming
07:30p HSBC : Transaction in own shares 26 August 2016 (25-page PDF 380KB)
07:30p BLACK HILLS : Get Your Free Energy-Saving Tree from the Arbor Day Foundation and Black Hills Energy in South Dakota
07:28pDJALERE : Sues Abbott to Force Merger -- 2nd Update
07:28pDJU.S. Government Bonds Reverse Gains After Yellen Remarks
Latest news
Advertisement
Hot News 
4.34%Rackspace to Go Private in $4.3 Billion Deal
-9.89%GAMESTOP : quarterly revenue misses on weak video game sales
4.35%TATA MOTORS : India's Tata Motors first-quarter net profit halves on forex loss post-Brexit vote
-4.84%HERBALIFE : Ackman approached to buy Herbalife shares owned by Icahn
3.58%RESTAURANT : to sell or close 33 outlets
Most Read News
05:50a Lotte vice chairman found dead amid probe; suicide suspected
08/25 VOLKSWAGEN : to spend at least $1.2 billion to compensate U.S. dealers - sources
08/25 APPLE : fixes security flaw after UAE dissident's iPhone targeted
02:16aDJSABMILLER : Scheme of arrangement
08:56aDJU.S. Corporate Profits Climbed as GDP Ticks Down to 1.1%
Most recommended articles
01:31p SUMNER REDSTONE : Judge says has 'concerns' on information given to Sumner Redstone
01:30p HYUNDAI MOTOR : South Korean union overwhelmingly rejects wage deal
01:28pDJALERE : Sues Abbott to Force Merger -- 2nd Update
01:10p NOVARTIS : Stada shareholder AOC says wants board change not break up
01:06pDJBE SAFE : Update Your iPhone to iOS 9.3.5