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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
08/29/201403:48:27LONDON MARKETS: Tesco Slides After Warning, Curbs FTSE 100 Gain
08/28/201414:15:12LONDON MARKETS: FTSE 100 Snaps Two-day Winning Streak As Miners...
08/28/201414:15:05EUROPE MARKETS: Deutsche Bank Falls After Fine; Essilor Rallies:...
08/28/201408:12:47EUROPE MARKETS: Bouygues Falls After Warning; Essilor Rallies:...
08/22/201413:09:32EUROPE MARKETS: Hugo Boss Climbs; Oil Stocks Drop: Europe Movers
08/22/201412:27:52LONDON MARKETS: FTSE 100 Ends Choppy Day Lower As Miners Weigh
08/21/201420:22:17Iluka Profit Falls, But Signals Improved Rutile Outlook
08/21/201412:18:43EUROPE MARKETS: Raiffeisen Rallies, Miners Slip: Europe Movers
08/21/201412:17:19LONDON MARKETS: Miners Drop In London After Weak China PMI
08/21/201403:44:17LONDON MARKETS: Miners Slide In London After Weak China PMI
08/18/201417:36:49ADR Shares End Higher; Rio Tinto Shares Trade Actively
08/18/201405:50:39Rio Tinto Weighs Bougainville Copper Stake
08/17/201421:40:23Rio Tinto Reviews Options for Bougainville Stake
08/17/201420:33:15Rio Tinto Reviews Options for Bougainville Copper Stake
08/14/201404:23:25LONDON MARKETS: Banks Rise, Miners Stumble In London Trade
08/13/201412:33:07EUROPE MARKETS: Admiral Drops, E.On Rises In European Trading
08/13/201412:29:15LONDON MARKETS: Pound Hit, U.K. Stocks Up As Rate Hike Appears...
08/13/201411:16:33LONDON MARKETS: Pound Slides, U.K. Stocks Up After Weak BOE Wage...
08/11/201412:51:09EUROPE MARKETS: European Stocks Rise As Ukraine Tensions Ease
08/11/201412:49:43LONDON MARKETS: U.K. Stocks Rise; Rio Tinto Among FTSE Leaders

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