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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
08/26/201504:05:00Anglo Pacific Net Loss Narrows on Higher Royalty Income
08/24/201517:37:00ADRs End Lower; Chinese, Commodities Firms Decline
08/20/201505:59:00From Mining to Refining: Low Commodity Prices Force Shift at...
08/16/201522:19:46Is A$100 a Share Cursed? -- Market Talk
08/13/201506:10:03Glencore Hit by Write-Down, Cuts Capital Spending
08/11/201517:50:53ADRs End Lower; Miners, Steelmakers Among Decliners
08/06/201504:20:51Commodities Slump Slams Rio Tinto Earnings--Update
08/06/201504:20:09Commodities Slump Slams Rio Tinto Earnings
08/06/201503:18:50Commodities Slump Slams Rio Tinto Earnings
08/05/201522:30:25China Shares Fall; Japan Rises Ahead of U.S. Jobs Data
08/04/201504:18:37Australian Shares End Higher, Helped by Earnings and Sales Data
07/28/201504:28:06Australia Shares End Slightly Down; Energy Stocks Rise
07/23/201509:00:00Industrial Metals and Minerals Stocks under Review -- Uranium...
07/23/201503:50:48Fortescue Deepens Cuts as Iron-Ore Downturn Bites
07/22/201506:50:53Tech, Resources Stocks Weigh on European Markets -- Update
07/21/201503:51:17Australia Shares Extend Gains for Sixth Straight Day
07/20/201504:07:10Australia Shares Rise for a Fifth Straight Session
07/16/201518:01:37ADRs End Higher; National Bank of Greece Declines
07/16/201514:26:21Anglo American Takes up to $4 Billion in Write-Downs -- 2nd Update
07/16/201504:50:10Anglo American Takes up to $4 Billion in Write-Downs -- Update

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