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Feb. 4, 2013, 1:03 p.m. EST

Vodafone drags FTSE 100 lower after downgrade

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By Sara Sjolin, MarketWatch

LONDON (MarketWatch) — U.K.’s benchmark stock index dropped the most in three months on Monday as shares of Vodafone Group PLC declined after a broker downgrade, while the broader stock market slumped on political worries in Spain and Italy.

The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +1.95% slid 1.6% to 6,246.84, erasing a 1.1% gain from Friday.

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Shares of Vodafone /zigman2/quotes/202484985/delayed UK:VOD -1.17% /zigman2/quotes/202862751/lastsale VOD -2.62% , down 1.7%, weighed on the index after Citigroup cut the wireless telecom firm to neutral from buy, highlighting near-term revenue pressure and elevated acquisition risks.

Mining firms were also under selling pressure as metals prices traded mixed. Shares of Antofagasta PLC /zigman2/quotes/200173667/delayed UK:ANTO +5.63% lost 2.8%, BHP Billiton PLC /zigman2/quotes/208108397/lastsale BHP -0.97% /zigman2/quotes/201448516/delayed AU:BHP +3.42% fell 2.1% and Rio Tinto PLC /zigman2/quotes/208934945/delayed UK:RIO +1.21% /zigman2/quotes/202627887/lastsale RIO +1.45% /zigman2/quotes/200083756/delayed AU:RIO +3.80% slipped 1.7%. See: Gold futures slide as firmer dollar adds pressure

Shares of Randgold Resources Ltd.  bucked the negative trend among miners and jumped 3.1%. Randgold Chief Executive Mark Bristow said he expects the company to beat its output target a year ahead of schedule. See: Randgold CEO expects to exceed gold output target

Oil firms were under pressure as oil prices declined. Shares of BP PLC   /zigman2/quotes/207305210/lastsale BP +1.96% fell 2.2% and Royal Dutch Shell PLC /zigman2/quotes/204253697/delayed UK:RDSB +7.75% /zigman2/quotes/207682964/lastsale RDS.B +4.05% erased 2.4%. See: Oil futures fall over 1% after last week’s rally


Reuters
Shares of Vodafone drop on Monday after a broker downgrade.

The losses in London came as political events in Spain and Italy spooked investors in European financial markets. In Spain, the opposition party called on Prime Minister Mariano Rajoy to resign after allegations of receiving secret payments, while uncertainly over the outcome of upcoming Italian elections mounted as former Prime Minister Silvio Berlusconi gained in opinion polls. See: Spain yields rise as Rajoy aims to contain scandal

Banks posted steep losses, joining a risk-off mode across other European bourses. Shares of Royal Bank of Scotland Group PLC /zigman2/quotes/209265718/delayed UK:RBS -3.83%   /zigman2/quotes/203233010/lastsale RBS -6.53%  dropped 3.5%, Standard Chartered PLC /zigman2/quotes/200125072/delayed UK:STAN -2.13%  lost 2.4% and sector heavyweight HSBC Holdings PLC /zigman2/quotes/203901799/delayed UK:HSBA -1.82%    /zigman2/quotes/202687335/delayed HK:5 -6.68%  shaved off 1.9%.

Barclays PLC shares /zigman2/quotes/208409333/delayed UK:BARC +0.12% /zigman2/quotes/206581728/lastsale BCS -2.58% fell 2.8%. The bank said its Group Finance Director Chris Lucas and group general counsel plan to retire, but agreed to stay until successors have been appointed. See: Barclays finance director Chris Lucas to retire

Among other notable decliners in London, Johnson Matthey PLC /zigman2/quotes/207054035/delayed UK:JMAT +0.62% gave up 3.6% after Citigroup cut the chemicals firm to neutral from buy, citing competitive pressure and worries over the growth outlook.

Outside the main index in London, shares of Stagecoach Group PLC /zigman2/quotes/206082799/delayed UK:SGC +3.79% dropped 2.6% as HSBC cut its recommendation on the bus company’s shares to neutral from overweight.

Peer firm Go-Ahead Group PLC /zigman2/quotes/201418493/delayed UK:GOG +7.34% was lifted to overweight from underweight, helping send its shares 0.4% higher.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
5,671.96
+108.22 +1.95%
Volume: 1.58M
March 31, 2020 4:56p
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/zigman2/quotes/202484985/delayed
UK : U.K.: London
113.00 p
-1.34 -1.17%
Volume: 109.17M
March 31, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
6.66%
Market Cap
£30.61 billion
Rev. per Employee
N/A
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/zigman2/quotes/202862751/lastsale
US : U.S.: Nasdaq
$ 13.77
-0.37 -2.62%
Volume: 5.62M
March 31, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
6.81%
Market Cap
$378.56 billion
Rev. per Employee
N/A
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/zigman2/quotes/200173667/delayed
UK : U.K.: London
773.00 p
+41.20 +5.63%
Volume: 3.29M
March 31, 2020 4:35p
P/E Ratio
19.45
Dividend Yield
3.57%
Market Cap
£7.21 billion
Rev. per Employee
N/A
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/zigman2/quotes/208108397/lastsale
US : U.S.: NYSE
$ 36.69
-0.36 -0.97%
Volume: 4.88M
March 31, 2020 6:30p
P/E Ratio
9.87
Dividend Yield
7.80%
Market Cap
$54.55 billion
Rev. per Employee
N/A
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/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 29.97
+0.99 +3.42%
Volume: 4.35M
April 1, 2020 1:18p
P/E Ratio
11.21
Dividend Yield
7.11%
Market Cap
$152.71 billion
Rev. per Employee
N/A
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/zigman2/quotes/208934945/delayed
UK : U.K.: London
3,718.50 p
+44.50 +1.21%
Volume: 5.24M
March 31, 2020 4:35p
P/E Ratio
9.73
Dividend Yield
9.43%
Market Cap
£59.70 billion
Rev. per Employee
N/A
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/zigman2/quotes/202627887/lastsale
US : U.S.: NYSE
$ 45.56
+0.65 +1.45%
Volume: 3.43M
March 31, 2020 6:30p
P/E Ratio
9.31
Dividend Yield
8.38%
Market Cap
$56.34 billion
Rev. per Employee
$852,406
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/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 87.78
+3.21 +3.80%
Volume: 966,174
April 1, 2020 1:18p
P/E Ratio
12.51
Dividend Yield
7.49%
Market Cap
$142.24 billion
Rev. per Employee
$1.14M
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/zigman2/quotes/207305210/lastsale
US : U.S.: NYSE
$ 24.39
+0.47 +1.96%
Volume: 21.19M
March 31, 2020 6:30p
P/E Ratio
20.39
Dividend Yield
10.25%
Market Cap
$80.11 billion
Rev. per Employee
$4.03M
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/zigman2/quotes/204253697/delayed
UK : U.K.: London
1,359.80 p
+97.80 +7.75%
Volume: 22.40M
March 31, 2020 4:35p
P/E Ratio
8.87
Dividend Yield
11.19%
Market Cap
£98.38 billion
Rev. per Employee
N/A
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/zigman2/quotes/207682964/lastsale
US : U.S.: NYSE
$ 32.66
+1.27 +4.05%
Volume: 11.62M
March 31, 2020 6:30p
P/E Ratio
8.37
Dividend Yield
11.51%
Market Cap
$58.20 billion
Rev. per Employee
$4.75M
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/zigman2/quotes/209265718/delayed
UK : U.K.: London
112.90 p
-4.50 -3.83%
Volume: 33.59M
March 31, 2020 4:45p
P/E Ratio
4.36
Dividend Yield
19.49%
Market Cap
£14.18 billion
Rev. per Employee
N/A
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/zigman2/quotes/203233010/lastsale
US : U.S.: NYSE
$ 2.72
-0.19 -6.53%
Volume: 3.48M
March 31, 2020 6:30p
P/E Ratio
4.06
Dividend Yield
3.61%
Market Cap
$17.57 billion
Rev. per Employee
$329,888
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/zigman2/quotes/200125072/delayed
UK : U.K.: London
445.80 p
-9.70 -2.13%
Volume: 9.86M
March 31, 2020 4:35p
P/E Ratio
10.15
Dividend Yield
4.90%
Market Cap
£14.37 billion
Rev. per Employee
N/A
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/zigman2/quotes/203901799/delayed
UK : U.K.: London
454.25 p
-8.40 -1.82%
Volume: 47.05M
March 31, 2020 4:35p
P/E Ratio
19.13
Dividend Yield
9.09%
Market Cap
£94.07 billion
Rev. per Employee
N/A
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/zigman2/quotes/202687335/delayed
HK : Hong Kong
HK$ 41.20
-2.95 -6.68%
Volume: 85.12M
April 1, 2020 10:23a
P/E Ratio
17.43
Dividend Yield
9.60%
Market Cap
HK$904.77 billion
Rev. per Employee
HK$2.88M
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/zigman2/quotes/208409333/delayed
UK : U.K.: London
94.11 p
+0.11 +0.12%
Volume: 113.80M
March 31, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
9.56%
Market Cap
£16.28 billion
Rev. per Employee
N/A
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/zigman2/quotes/206581728/lastsale
US : U.S.: NYSE
$ 4.53
-0.12 -2.58%
Volume: 7.35M
March 31, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
9.23%
Market Cap
$20.13 billion
Rev. per Employee
$458,292
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/zigman2/quotes/207054035/delayed
UK : U.K.: London
1,798.00 p
+11.00 +0.62%
Volume: 1.14M
March 31, 2020 4:35p
P/E Ratio
8.99
Dividend Yield
4.82%
Market Cap
£3.46 billion
Rev. per Employee
N/A
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/zigman2/quotes/206082799/delayed
UK : U.K.: London
69.90 p
+2.55 +3.79%
Volume: 1.00M
March 31, 2020 4:35p
P/E Ratio
3.01
Dividend Yield
5.44%
Market Cap
£370.55 million
Rev. per Employee
N/A
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/zigman2/quotes/201418493/delayed
UK : U.K.: London
826.50 p
+56.50 +7.34%
Volume: 830,856
March 31, 2020 4:35p
P/E Ratio
5.89
Dividend Yield
8.70%
Market Cap
£331.27 million
Rev. per Employee
N/A
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Sara Sjolin is a MarketWatch reporter based in London. Follow her on Twitter @sarasjolin.

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