Bulletin
Investor Alert

New York Markets Open in:

London Markets Archives | Email alerts

Oct. 23, 2013, 12:27 p.m. EDT

Glaxo, miners pull FTSE 100 from five-month high

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    FTSE 100 Index (UKX)
  • X
    GlaxoSmithKline PLC (GSK)
  • X
    GlaxoSmithKline PLC ADR (GSK)

or Cancel Already have a watchlist? Log In

By Sara Sjolin, MarketWatch

LONDON (MarketWatch) — The U.K.’s benchmark stock index retreated from an almost five-month high on Wednesday, as mining firms tracked metals prices lower and GlaxoSmithKline PLC fell after reporting a drop in earnings.

The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX -0.13%  lost 0.3% to close at 6,674.48, breaking a nine-day winning streak.

Click to Play

Finding value stocks in Japan and Europe

Oakmark fund manager David Herro likes both regions. At the Art Successful Investing conference he made the case for investing in Daiwa and Credit Suisse.

Shares of drug maker GlaxoSmithKline /zigman2/quotes/200381158/delayed UK:GSK -0.02%   /zigman2/quotes/209463850/composite GSK +0.77%  gave up 1.9% after the company said net profit fell 12% in the third quarter, as sales to China were hurt by a high-profile Chinese-government investigation, alleging the company bribed doctors and others to sell more drugs.

ARM Holdings PLC   lost 5% after UBS cut the microchip designer to neutral from buy on valuation.

Mining firms also added pressure in London, as metals prices dropped across the board. Anglo American PLC /zigman2/quotes/201381512/delayed UK:AAL -0.80%  fell 3.9%, Antofagasta PLC /zigman2/quotes/200173667/delayed UK:ANTO -1.11%  dropped 4.3%, Rio Tinto PLC /zigman2/quotes/208934945/delayed UK:RIO -1.43%   /zigman2/quotes/202627887/composite RIO +3.59%   /zigman2/quotes/200083756/delayed AU:RIO +2.05%  gave up 1.3% and BHP Billiton PLC   /zigman2/quotes/208108397/composite BHP +3.28%   /zigman2/quotes/201448516/delayed AU:BHP +3.18%  erased 1.4%.

Stocks in London failed to get a boost from an upbeat assessment from the Bank of England, which lifted its growth forecast for the second half of the year. The central bank said in minutes from its policy-setting meeting earlier in October that growth in the second half would remain around 0.7% a quarter or a little higher, stronger than expected at the time of the August Inflation Report. In September, the BOE upgraded the growth expectations for the third quarter to 0.7% from the 0.5% forecast in August.

Discuss key earnings announcements before and after results come in. Learn more

/conga/story/misc/earnings_wall_threewide.html 295812

The minutes also showed all nine members of the Monetary Policy Committee voted in favor of keeping the central bank’s interest rates and the asset-purchase program unchanged.

Among other notable movers in the U.K., shares of Royal Bank of Scotland Group PLC   dropped 2.7% after Citigroup reiterated its sell rating on the firm.

Other banks in London were also on the decline, following European peers lower. The losses in the banking sector on the continent came as the European Central Bank said it would begin a thorough review of the balance sheets of 130 financial institutions in the euro zone in November, to unearth potential risks before moving closer to a banking union for the region. As part of the asset-review exercise, the ECB will ask these banks to set aside 8% of their risk-adjusted capital as a buffer against losses on loans and other parts of their balance sheets.

Shares of Barclays PLC /zigman2/quotes/208409333/delayed UK:BARC -0.33%   /zigman2/quotes/206581728/composite BCS +4.33%  shaved off 1.6%, Standard Chartered PLC /zigman2/quotes/200125072/delayed UK:STAN -0.20%  eased 1.5% and HSBC Holdings PLC /zigman2/quotes/203901799/delayed UK:HSBA -1.57%    /zigman2/quotes/202687335/delayed HK:5 -1.13%  slipped 0.5%.

Shares of Sports Direct International PLC  added 0.8% after the sportswear retailer said sales for the nine weeks to Sept. 29 rose 15% and gross profit climbed 19%.

Outside the main index, Home Retail Group PLC /zigman2/quotes/221810778/delayed UK:HOME +0.51%  jumped 4.2% after the do-it-yourself retailer said pretax profit rose 53% in the first half of the fiscal year.

Bank-note printer De La Rue PLC /zigman2/quotes/206574260/delayed UK:DLAR +0.53%  sank 9.7% after lowering its full-year operating-profit guidance. The company said “the continuing overcapacity in the bank-note paper market has led to a worsening pricing environment in the printed bank-note market.”

Premier Oil PLC  dropped 3.4% after the oil and gas explorer lowered its full-year production forecast, blaming gas export issues in both Vietnam and the U.K.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,508.30
-10.05 -0.13%
Volume: 35,379
May 18, 2022 8:30a
loading...
/zigman2/quotes/200381158/delayed
UK : U.K.: London
£ 1,785.80
-0.40 -0.02%
Volume: 193,970
May 18, 2022 8:30a
P/E Ratio
17.70
Dividend Yield
N/A
Market Cap
£91.00 billion
Rev. per Employee
£404,857
loading...
/zigman2/quotes/209463850/composite
US : U.S.: NYSE
$ 44.71
+0.34 +0.77%
Volume: 4.47M
May 17, 2022 4:00p
P/E Ratio
16.22
Dividend Yield
4.47%
Market Cap
$111.50 billion
Rev. per Employee
$552,510
loading...
/zigman2/quotes/201381512/delayed
UK : U.K.: London
3,470.50 p
-28.00 -0.80%
Volume: 95,506
May 18, 2022 8:30a
P/E Ratio
6.99
Dividend Yield
6.17%
Market Cap
£44.79 billion
Rev. per Employee
£474,259
loading...
/zigman2/quotes/200173667/delayed
UK : U.K.: London
1,430.00 p
-16.00 -1.11%
Volume: 55,250
May 18, 2022 8:29a
P/E Ratio
15.04
Dividend Yield
7.99%
Market Cap
£13.63 billion
Rev. per Employee
£201,170
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
5,392.00 p
-78.00 -1.43%
Volume: 101,627
May 18, 2022 8:30a
P/E Ratio
5.74
Dividend Yield
10.71%
Market Cap
£88.57 billion
Rev. per Employee
£935,616
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 68.96
+2.39 +3.59%
Volume: 3.69M
May 17, 2022 4:00p
P/E Ratio
5.30
Dividend Yield
11.48%
Market Cap
$108.52 billion
Rev. per Employee
$1.29M
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 108.86
+2.19 +2.05%
Volume: 1.26M
May 18, 2022 4:10p
P/E Ratio
6.34
Dividend Yield
9.98%
Market Cap
$156.49 billion
Rev. per Employee
$1.71M
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 65.55
+2.08 +3.28%
Volume: 3.40M
May 17, 2022 4:00p
P/E Ratio
9.99
Dividend Yield
10.68%
Market Cap
$159.03 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 47.01
+1.45 +3.18%
Volume: 10.63M
May 18, 2022 4:10p
P/E Ratio
10.58
Dividend Yield
10.20%
Market Cap
$229.33 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208409333/delayed
UK : U.K.: London
155.34 p
-0.52 -0.33%
Volume: 1.61M
May 18, 2022 8:30a
P/E Ratio
N/A
Dividend Yield
3.86%
Market Cap
£25.41 billion
Rev. per Employee
£276,176
loading...
/zigman2/quotes/206581728/composite
US : U.S.: NYSE
$ 7.96
+0.33 +4.33%
Volume: 6.81M
May 17, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
3.92%
Market Cap
$31.14 billion
Rev. per Employee
$377,068
loading...
/zigman2/quotes/200125072/delayed
UK : U.K.: London
590.60 p
-1.20 -0.20%
Volume: 446,488
May 18, 2022 8:30a
P/E Ratio
13.63
Dividend Yield
1.54%
Market Cap
£17.46 billion
Rev. per Employee
£167,448
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
494.50 p
-7.90 -1.57%
Volume: 1.44M
May 18, 2022 8:30a
P/E Ratio
12.02
Dividend Yield
4.05%
Market Cap
£100.27 billion
Rev. per Employee
£200,552
loading...
/zigman2/quotes/202687335/delayed
HK : Hong Kong
$ 48.05
-0.55 -1.13%
Volume: 13.53M
May 18, 2022 3:30p
P/E Ratio
10.96
Dividend Yield
4.08%
Market Cap
$964.37 billion
Rev. per Employee
$2.13M
loading...
/zigman2/quotes/221810778/delayed
UK : U.K.: London
117.80 p
+0.60 +0.51%
Volume: 31,713
May 18, 2022 8:23a
P/E Ratio
10.44
Dividend Yield
4.67%
Market Cap
£663.90 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/206574260/delayed
UK : U.K.: London
112.80 p
+0.60 +0.53%
Volume: 7,496
May 18, 2022 8:26a
P/E Ratio
15.54
Dividend Yield
0.00%
Market Cap
£214.67 million
Rev. per Employee
£177,267
loading...

Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.