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LONDON MARKETS: London Shares Lower As Vodafone Drops

By Kim Hjelmgaard, MarketWatch LONDON (MarketWatch) -- Shares in British mobile operator Vodafone Group PLC weighed on the broader London market on Friday. Vodafone (VOD) shares declined 2% as the world's largest telecom operator by revenue posted a worse-than-forecast drop in quarterly revenue to $16.90 billion, or a fall of 7.7% for the three months ended June 30. Chief Executive Vittorio Colao cited difficult market conditions in southern Europe for the poor performance, although the firm's outlook for the full year was unchanged. The FTSE 100 index lost 0.5% to 5,685.72, but is still on course for a weekly gain of around 0.4%. On Thursday, the U.K. benchmark closed at its highest level since May. Craig Erlam, market analyst at Alpari U.K., said: "Stocks have performed well this week. Better-than-expected corporate earnings in the U.S. has led to a seventh straight week of gains in the FTSE." European stocks on the continent were also under pressure on Friday. The Stoxx 600 Europe shed 0.6% to 260.21 with investors keeping an eye on Spain's borrowing costs, which remain elevated. Euro-zone finance ministers are holding a conference call Friday in which they're expected to approve the terms of a bailout for Spain's banks. Separately, the German newspaper Rheinische Post reported that a senior member of Germany's coalition government said that Greece should depart the euro zone if it is not prepared to comply with EU-mandated reforms. Elsewhere in London, the mining sector was providing a focus after Anglo American PLC reported that its iron-ore output advanced 12% on a quarterly basis to 12.9 million metric tons. Meanwhile, output in diamond miner De Beers, in which Anglo American has a 45% stake, dropped 11% to 7.2 million carats. Shares in Anglo American were up 1.1%. Rival and fellow heavyweight miner Rio Tinto PLC (RIO) saw its shares fall just under 1% and BP PLC shares were off 0.6%. Xstrata PLC announced that the chief executive of its Xstrata Alloys unit, Peet Nienaber, would retire for personal and family reasons. Xstrata shares were 0.2% lower. Among financial shares, heavyweight HSBC Holdings Inc. saw its shares fall 1.4% and Standard Chartered PLC lost 1.5%. In deal news, shares in London Exchange Group PLC were up about 0.6% after Singapore Exchange Ltd. denied it was in talks with the LSE over a potential merger. The report first surfaced in a Thursday story by the The Telegraph, a U.K. newspaper. A representative for LSE declined to comment on Friday. Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Companhia Vale (RIO)
DateTimeHeadline
04/17/201513:59:45LONDON MARKETS: FTSE 100 Driven Lower On China-trading Concerns
04/17/201513:59:19EUROPE MARKETS: European Stocks Mauled By China, Greek Worries;...
04/17/201509:56:59LONDON MARKETS: FTSE 100 Driven Lower On China-trading Concerns
04/17/201509:22:42LONDON MARKETS: FTSE 100 Driven Lower On China-trading Concerns
04/16/201511:05:023 Reasons the Internet of Things Is Set to Boost This Giant Miner's...
04/16/201508:00:41Harworth Group Buys Site of Former Lynemouth Smelter From Rio...
04/16/201507:44:04Fortescue Says Can Withstand Slump in Iron Ore Prices--2nd Update
04/16/201504:25:34Fortescue Says Can Withstand Slump in Iron Ore Prices--Update
04/15/201515:57:48Copper Producers, Analysts Differ on When Prices Will Rise
04/15/201511:12:30Australia Shares End Lower as Data Dampen Sentiment
04/15/201510:11:45Goldman Sachs Downgrades Rio Tinto plc to Sell (RTP)
04/15/201505:03:09LONDON MARKETS: FTSE 100 Moves Higher As Miners Gain; U.K. Inflation...
04/14/201514:09:01LONDON MARKETS: FTSE 100 Wavers As Downgrades Hit BP, Primark...
04/14/201510:08:35Fortescue Overhauls Worker Rosters to Cut Costs -- Update
04/14/201507:58:25S&P warns on global miners including BHP, Rio, Vale
04/14/201506:40:16LONDON MARKETS: FTSE 100 Edges Higher Ahead Of Inflation Data
04/14/201503:09:50Glencore's Chase For Rio Tinto: Coveting The Best House In A...
04/13/201518:09:28ADR Shares End Lower; Alcatel-Lucent, Nokia Shares Rise
04/13/201512:42:35LONDON MARKETS: FTSE 100 Eases From Record; BHP Hurt After Downgrade
04/13/201510:22:26BHP slides after Citi downgrade

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