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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
05/01/201512:23:29LONDON MARKETS: FTSE 100 Higher As Lloyds, Miners Rally; Pound...
05/01/201508:19:15LONDON MARKETS: FTSE 100 Higher As Lloyds, Miners Rally
05/01/201506:48:24ASIA MARKETS: Japan Stocks Edge Up, But Gains Limited As U.S...
05/01/201506:07:08LONDON MARKETS: FTSE 100 Falls As Barclays Moves Lower, But Lloyds...
04/30/201513:20:12Brazil's Vale Considers Cutting Iron-Ore Output
04/30/201513:13:34Brazil's Vale Considers Cutting Iron-Ore Output
04/29/201519:57:06Iron Ore Snaps Rally as Higher Prices Rattle Buyers
04/29/201514:36:05Iron-Ore Price War Has China's Miners Reeling
04/29/201512:29:31LONDON MARKETS: FTSE 100 Slides Amid Global Growth Worries
04/29/201509:19:02Rio Tinto plc Rating Reiterated by Barclays (RIO)
04/29/201504:16:50LONDON MARKETS: FTSE 100 In The Red As Mining, Barclays Shares...
04/27/201509:33:47Rio Tinto plc's "Buy" Rating Reiterated at Deutsche Bank (RIO)
04/27/201501:03:35Asian Shares Rise, Mining Stocks Lift Sydney-- Update
04/25/201511:00:0310 Most Profitable Companies in Commodities
04/24/201512:36:12LONDON MARKETS: FTSE 100 Advances As HSBC Shares Jump
04/24/201506:59:12LONDON MARKETS: FTSE 100 On Track For A Weekly Advance; HSBC...
04/24/201504:12:46LONDON MARKETS: FTSE 100 Rises, On Track For A Weekly Advance
04/23/201513:24:28LONDON MARKETS: FTSE 100 Turns Higher As Miners Climb
04/23/201513:18:57LONDON MARKETS: FTSE 100 Turns Higher As Miners Climb
04/22/201509:22:04Rio Tinto plc Receives Outperform Rating from BNP Paribas (RIO)

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