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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
07/01/201516:38:27Rio Tinto CEO Sam Walsh Responds to Critics of Iron-Ore Production
06/29/201504:07:07Australia Shares End 2.2% Lower on Greece Worries
06/22/201505:40:48Savannah Resources Shares Surge on Mozambique JV with Rio Tinto...
06/22/201503:24:06Savannah Resources, Rio Tinto to Create Mineral Sands JV in Mozambique
06/21/201519:29:51ERA Chairman, Directors Quit in Dispute with Rio Tinto
06/20/201516:08:03Is China Going to Use the Mining Downturn to Take Over the Industry?
06/19/201514:07:02You Can See the Next Boom Brewing in BHP Billiton and Rio Tinto's...
06/18/201514:00:093 Stocks to Watch in Copper
06/15/201512:06:02How Drones Are Making Rio Tinto a Better Miner
06/12/201503:56:32Australia Shares End Down 0.2% on Falling Commodities Prices...
06/11/201519:19:06Rio Tinto Refinances US$1.2 Billion of Debt
06/11/201514:00:07Rio Tinto Assessing Potential Noncash Impairment Of $300 Million--Update
06/11/201513:56:48Rio Tinto Assessing Potential Noncash Impairment Of $300 Million
06/10/201514:02:02Thrifty Miners Killed Caterpillar and Joy Global's Sales: Are...
06/09/201503:10:50Australia Shares Post Sixth Straight Fall
06/05/201503:43:20Australia Shares Suffer Worst Week in Three Years
06/04/201506:50:15Glencore May Cut Coal Output Further to Combat Glut
06/04/201503:17:18Australia Shares End Down 1.4%, Extending Gloomy Week
06/02/201503:33:15Australia Shares End Down 1.7% After Absence of Central Bank...
05/25/201503:51:11Australia Shares Start Week With Solid Gains

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