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

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 CET

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
01:14a FEDEX : Launches Fifth Annual Small Business Grant Contest
01:13a OSISKO MINING INC. : Files Early Warning Report in Respect of Beaufield Resources Inc.
01:12a EXPEDIA : Coast cities 'under appreciated' AND 'artsy,' according to lists
01:12a OHIO ART : The Akron Beacon Journal Local History column
01:11a MANCHESTER UNITED : City outgun Monaco 5-3
01:11a NURI TELECOM COMPANY LIMITED : Purchases Additional Common Shares of Apivio Systems Inc.
01:09a ALLIANCE TRUST PLC : Update on Proposals
01:09a ALLIANCE TRUST PLC : Net Asset Value(s)
01:09a ALLIANCE TRUST PLC : Transaction in Own Shares
01:09a KUNLUN ENERGY : Profit Warning
Latest news
Advertisement
Hot News 
19.07%POPEYES LOUISIANA KITCHEN : Burger King and Tim Hortons owner to buy Popeyes for $1.8 billion
-7.95%JOHN WOOD : posts 62 percent fall in FY profit, shares fall
-6.54%HSBC : Plans Further Buyback After 4th-Quarter Net Loss Widens to $4.23 Billion
3.00%AHEAD OF THE TAPE : A Big Box of Trouble for Wal-Mart -- WSJ
2.69%CBS : Simon & Schuster Cancels Publication of Milo Yiannopoulos Book
Most Read News
06:47p Saudi Aramco selects lead underwriters for $100 bln IPO -WSJ
06:04p FORTESCUE METALS : FY17 Half Year Corporate Presentation
06:04p GRUPO AEROMEXICO DE CV : Aeromexico board says Delta offer for shares 'fair'
06:11p RE/MAX : Named Top 15 Fastest-Growing Franchise
06:05p RESTAURANT BRANDS INTERNATIONAL : Burger King owner to buy Popeyes for a whopping $1.8 billion
Most recommended articles
07:05p TERNIUM : to pay 1.26 bln euros to buy Thyssenkrupp's Brazilian mill CSA
07:04p Confident Snap brushes off concerns on second day of IPO roadshow
06:55p SAUDI ARAMCO SELECTS LEAD UNDERWRITERS FOR $100 BILLION IPO : Wsj
06:51pDJSaudi Aramco Picks J.P. Morgan, HSBC, Morgan Stanley as Lead IPO Underwriters
06:36pDJFURTHER MILESTONE REACHED ON STRATEGIC WAY FORWARD : Thyssenkrupp Sells Brazilian Steel Mill CSA To Ternium