MARKETWATCH — LAST UPDATE: 13:08 15/04/2013
LONDON (MarketWatch) -- Miners including Randgold Resources Ltd. (GOLD.NaE) and Rio Tinto PLC (RIO.NaE) tumbled in London on Monday, hammered by worse-than-expected economic data from China and selloffs in metals, where gold slid more than $120.
The FTSE 100 index dropped 0.6% to close at 6,343.60, adding to a 0.5% drop from Friday.
Mining firms slumped across the board after both gross-domestic-product data and industrial-production figures from China missed expectations. GDP for the first quarter climbed 7.7% from a year earlier, weakening from 7.9% growth in the fourth quarter, and missing projections for 8% growth.
Meanwhile, industrial production rose 8.9% in March, below the Dow Jones Newswires forecast for a 10% gain.
Miners are sensitive to growth indications from China, as the country is a major user of natural resources.
Metals prices were also hit, especially gold for June , which tanked $122.20 to $1,379.20 an ounce.
Shares of precious metal miner Randgold Resources Ltd. (GOLD.NaE) sank 8.3%, Fresnillo PLC (FNLPF.NaE) slumped 15% and Polymetal International PLC (POYYF.NaE) gave up 13%.
Shares of heavyweight Rio Tinto PLC (RIO.NaE) fell 3.5% and BHP Billiton PLC (BBL.NaE) dropped 3.6%.
Oil firms were also lower, tracking losses for oil prices. Shares of BG Group PLC (BRGXF.NaE) shaved off 2.4%, Royal Dutch Shell PLC (RDS/A.NaE) gave up 0.6% and BP PLC (BP.NaE) inched 0.3% lower.
Bucking the negative trend in London, shares of United Utilities Group PLC (UUGWF.NaE) climbed 2.5%, as the Sunday Times reported the utility firm has hired Goldman Sachs to boost its adviser team amid speculation of a foreign take over bid. A representative from United Utilities (UUGWF.NaE) said the company doesn't comment on market speculation, but confirmed the firm has hired Goldman Sachs as an adviser as part of an ongoing tendering process.
Outside the major index in London, shares of betting firm Ladbrokes PLC (LDBKF.NaE) slid 8% after the company warned that first-quarter operating profit is expected to be 13 million pounds ($19.94 million) lower at ?37.4 million, largely because of like-for-like costs and machine tax in the U.K.
LONDON (MarketWatch) -- Miners including Randgold Resources Ltd. (GOLD.NaE) and Rio Tinto PLC (RIO.NaE) tumbled in London on Monday, hammered by worse-than-expected economic data from China and selloffs in metals, where gold slid more than $120.
The FTSE 100 index dropped 0.6% to close at 6,343.60, adding to a 0.5% drop from Friday.
Mining firms slumped across the board after both gross-domestic-product data and industrial-production figures from China missed expectations. GDP for the first quarter climbed 7.7% from a year earlier, weakening from 7.9% growth in the fourth quarter, and missing projections for 8% growth.
Meanwhile, industrial production rose 8.9% in March, below the Dow Jones Newswires forecast for a 10% gain.
Miners are sensitive to growth indications from China, as the country is a major user of natural resources.
Metals prices were also hit, especially gold for June , which tanked $122.20 to $1,379.20 an ounce.
Shares of precious metal miner Randgold Resources Ltd. (GOLD.NaE) sank 8.3%, Fresnillo PLC (FNLPF.NaE) slumped 15% and Polymetal International PLC (POYYF.NaE) gave up 13%.
Shares of heavyweight Rio Tinto PLC (RIO.NaE) fell 3.5% and BHP Billiton PLC (BBL.NaE) dropped 3.6%.
Oil firms were also lower, tracking losses for oil prices. Shares of BG Group PLC (BRGXF.NaE) shaved off 2.4%, Royal Dutch Shell PLC (RDS/A.NaE) gave up 0.6% and BP PLC (BP.NaE) inched 0.3% lower.
Bucking the negative trend in London, shares of United Utilities Group PLC (UUGWF.NaE) climbed 2.5%, as the Sunday Times reported the utility firm has hired Goldman Sachs to boost its adviser team amid speculation of a foreign take over bid. A representative from United Utilities (UUGWF.NaE) said the company doesn't comment on market speculation, but confirmed the firm has hired Goldman Sachs as an adviser as part of an ongoing tendering process.
Outside the major index in London, shares of betting firm Ladbrokes PLC (LDBKF.NaE) slid 8% after the company warned that first-quarter operating profit is expected to be 13 million pounds ($19.94 million) lower at ?37.4 million, largely because of like-for-like costs and machine tax in the U.K.
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