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LONDON MARKETS: Shire Leads FTSE 100 Lower; Banks, Miners Off

By Sara Sjolin, MarketWatch LONDON (MarketWatch) -- Shire PLC led U.K. shares lower on Monday after a rival was cleared to market a generic version of one of Shire's drugs, while banks and miners declined ahead of euro-zone events later in the week. The FTSE 100 index fell 0.6% to 5,481.55, after closing out last week with a 0.6% gain. Pharma firm Shire tumbled the most in the index, down more than 10%, after the U.S. Food and Drug Administration approved a rival's generic version of its hyperactivity drug Adderall XR. Analysts at Goldman Sachs said that the approval is a "negative relative to our expectations" and that they had not expected a generic approval before 2014. "We assume Shire loses 50% of its market share," they said. Among other stocks driving losses in the U.K., mining firms headed south while metals prices were mixed. Heavyweight Rio Tinto PLC (RIO) lost 1%, Evraz PLC shed 0.8% and Vedanta Resources PLC gave up 0.9%. Banks were lower as investors looked toward a much anticipated European Union summit at the end of the week for any announcements on closer fiscal integration in the region and the creation of a banking union. Standard Chartered PLC ticked 0.9% lower, Lloyds Banking Group PLC (LYG) shed 0.7% and Barclays PLC gave up 0.6%. Food retailer Wm Morrison Supermarkets PLC dropped 2.3% after announcing that group Finance Director Richard Pennycook plans to step down from the board and leave the firm at the end of June 2013.

Stock News for Companhia Vale (RIO)
DateTimeHeadline
04/14/201422:10:17Rio Tinto Iron-Ore Output Drops in Adverse Weather
04/13/201420:53:51GlencoreXstrata Sells Las Bambas Mine to Chinese Consortium For...
04/08/201403:40:29Antofagasta Says Price of Copper May Have Found a Bottom
04/08/201401:39:12Antofagasta CEO Says Price of Copper May Have Found a Bottom...
04/07/201417:52:38ADR Shares End Mixed; Rio Tinto Shares Active
04/07/201410:05:11Rio Tinto Exits Massive Alaskan Copper-Gold Project
04/02/201418:27:45Vale Suspends Transporting Coal From Mozambique Mines -- Update
03/31/201410:25:57LONDON MARKETS: FTSE Rises For Second Day As Miners Push Higher
03/27/201413:34:09LONDON MARKETS: FTSE Down On Retail Data, Losses For HSBC, RBS
03/27/201409:52:14LONDON MARKETS: U.K. Stocks Fall, With HSBC, RBS Down After Fed...
03/26/201413:32:40EUROPE MARKETS: Europe Stocks Higher As ECB Stokes Stimulus Hopes
03/25/201421:40:50Australia Sees Resource Export Earnings Rising Sharply
03/25/201413:20:37EUROPE MARKETS: European Stocks Jump Most In Three Weeks
03/25/201411:19:10EUROPE MARKETS: European Stocks Shrug Off Ifo Survey
03/24/201415:36:22LONDON MARKETS: London Stocks Fall After Mixed Global PMI Data
03/24/201415:19:15U.S. Stock Futures Rise
03/21/201413:26:13LONDON MARKETS: FTSE 100 Posts First Weekly Rise In A Month
03/21/201413:15:26LONDON MARKETS: London Stocks Gain, Move Toward A Weekly Rise
03/20/201413:54:20LONDON MARKETS: Oil Firms, GSK Push FTSE 100 To Six-week Low
03/17/201413:30:15LONDON MARKETS: FTSE Rebounds From Six-day Losing Run

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