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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
11/23/201421:30:17Asian Shares Surge After China Rate Cut
11/21/201412:30:09EUROPE MARKETS: European Stocks Enjoy China, Draghi Economic-policy...
11/21/201412:17:30LONDON MARKETS: Miners Lead FTSE 100 To Two-month High After...
11/21/201411:24:49EUROPE MARKETS: European Stocks Enjoy China, Draghi Economic...
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11/20/201402:47:48BHP Vows to Focus on Investor Returns -- Update
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11/19/201412:28:33EUROPE MARKETS: European Mining Shares Struggle On Drop In Iron-ore...
11/19/201412:21:25LONDON MARKETS: Royal Mail, Pub Stocks Sink In London Trade;...
11/19/201405:07:12From Iron Awe to Iron Gore -- Barron's Asia
11/14/201412:29:06EUROPE MARKETS: European Stocks Slip; Eurozone Data Highlight...
11/14/201411:02:22LONDON MARKETS: Tesco Gains After Upgrade, But Miners Fall In...
11/14/201407:50:41EUROPE MARKETS: Oil Stocks Fall In Europe; Eurozone Data Highlight...
11/11/201412:30:01LONDON MARKETS: Vodafone Surges In London; Miners Sag

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