By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- U.K. stocks dropped Monday, resuming
last week's selloff that knocked the FTSE 100 benchmark to its
lowest level in a year.
The benchmark index fell 0.4% to 6,315.20, also on track for a
fifth consecutive loss. Stocks in Europe and in other markets
worldwide have been beaten down in recent sessions on heightened
worries about slowing global growth.
The materials sector on Monday was the only one of the 10
sectors tracked on the index to move higher, as mining shares
advanced. Shares of Rio Tinto PLC (RIO) climbed 1% after Barron's
over the weekend said the stock could rise 20% in the next 12
months, even without a merger with Glencore PLC . Rio Tinto earlier
this month confirmed it had rejected a takeover proposal from
Glencore in July.
Meanwhile, shares of Smith & Nephew PLC gave up 0.7% after
the company said top-line results from a late-stage trial of
HP802-247, a living cell spray-on therapy to help healing of venous
leg ulcers, didn't meet the primary endpoint.
On Monday, the U.K. government made its first move in its
planned sale of its 40% stake in Eurostar, the train operator for
the Channel Tunnel. It has set an Oct. 31 deadline for "expressions
of interest" from potential buyers.
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