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LONDON MARKETS: U.K. Stocks Up On Strong Earnings

By Preeti Upadhyaya, MarketWatch LONDON (MarketWatch) -- U.K. stocks rose Wednesday, boosted by strong corporate results and shrugging off fresh concerns over Greece's ability to repay debt and a 0.7% contraction in U.K. gross domestic product, while miners and banks lent support. The FTSE 100 was up 0.4% at 5,519.32. The U.K.'s GDP dropped 0.7% in the second-quarter compared with the first quarter of 2012, below analysts' prediction of a 0.2% drop. Weighing the index, BT Group PLC (BT) dropped 3.9% after reporting first-quarter earnings that fell short of expectations, with disappointing revenue figures. Also on the move down, Johnson Matthey PLC fell 2.% following first-quarter results. Tim Stevenson, chairman of Johnson Matthey, cited "a substantial reduction in operating profit from Precious Metal Products Division which was particularly impacted by the effect of lower precious metal prices." British American Tobacco PLC (BTI) fell 0.4% after posting slight gains in profit but flat volumes. Among other notable losers, Tullow Oil PLC fell 4.7% despite posting strong second-quarter results. GlaxoSmithKline PLC (GSK) dropped 1.4% after releasing second-quarter results that missed expectations. GlaxoSmithKline chief executive Sir Andrew Witty pointed to "the challenging macro-economic environment in which we are operating and the continued transition of our product portfolio." Lending support in London, semiconductor firm ARM Holdings PLC added 6.4% after its second-quarter results beat expectations. ARM Chief Executive Warren East said, "ARM's royalty revenues continued to outperform the overall semiconductor industry as our customers gained market share within existing markets and launched products which are taking ARM technology into new markets." Capita PLC climbed 3.8% following second-quarter results that showed the personnel firm had landed several new contracts and 10 new businesses in 2012. RSA Insurance Group PLC was also on the rise, picking up 3.4%. Further lifting the index, Royal Bank of Scotland Group PLC (RBS) jumped 3.3%, while banking major HSBC Holdings PLC (HBC) picked up 1.4%. Standard Chartered PLC rose 1.1%. Barclays PLC (BCS) gained 1%. Mining firms lent additional support, as metal prices rose across the board. Vedanta Resources PLC added 2.4% and Eurasian Natural Resources Corp. PLC climbed 1.8%. Industry giant Rio Tinto PLC (RIO) gained 0.9%. Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Companhia Vale (RIO)
DateTimeHeadline
02/24/201702:04:00Australia Stocks Led Lower by Miners
02/22/201703:02:00Commodities Report: Mining Back to Unearthing Profit -- WSJ
02/21/201716:26:00Mining Companies Soar Back to Profit--3rd Update
02/21/201712:29:00Mining Companies Soar Back to Profit--2nd Update
02/21/201703:02:00Copper's Shine Returns Mining Firms Ride Copper Copper Pays Off...
02/19/201709:43:00Mining Giants Ride Copper's Wave
02/09/201717:28:00Shell CFO Among 3 Directors Named to Rio Tinto Board
02/09/201710:52:00Workers at BHP Billiton Copper Mine In Chile Go On Strike...
02/08/201705:16:00Rio Tinto Rewards Investors After Return to Profit
02/08/201701:42:00Rio Tinto Returns to Profit, Plans Share Buyback
02/07/201720:28:00Workers at World's Biggest Copper Mine Prepare for Strike
02/07/201700:34:00Rio Tinto Gifts Bunder Diamond Project to Government of Madhya...
02/04/201718:15:00Rio Tinto, Other Miners Get Pickup From Prices
02/04/201707:29:00Rio Tinto, Other Miners Get Pickup From Prices
02/01/201704:28:00Savannah Resources: Ravene Drill Program Completed at Mutamba
01/24/201717:52:00ADRs End Mostly Higher; BT Trades Actively
01/24/201710:25:00Rio Tinto Unloads Most of Its Coal Assets in $2.4 Billion Deal...
01/24/201704:49:00Rio Tinto to Sell Coal & Allied
01/16/201717:27:00Rio Tinto Annual Iron Ore Shipments Rise
01/09/201714:01:00The Law Offices of Howard G. Smith Announces the Filing of a...

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