Rochester, NY 8/26/2009 4:09:59 PM
BHP Billiton plc BBL, BHP Billiton dropped more than two percent “neutral”
BHP Billiton plc BBL
BHP Billiton Ltd. both dropped more than 2 percent as downgraded the metals and mining industry to “neutral” and metals slipped in London. Cairn Energy Plc, the U.K.-listed explorer focus on India, declined 2.5 percent as it reported a loss in the first half on declining production and oil prices. The benchmark FTSE 100 Index lost 20.07, or 0.4 percent, to 4,876.16 at 11:47 a.m. in London, as it retreated from the highest close since Oct3 last year.
The FTSE All-Share Index slid 0.4 percent today and Ireland’s ISEQ Index added 1.5 percent. The metals and mining sector “is not as attractive anymore,” London-based JPMorgan equity strategist Misla v Matejka wrote in a note to clients today as his team downgraded the industry for the first time since December 2008. “The sector typically does well in the early stages of economic recovery” and we are now exiting this, he wrote. The FTSE 100 index has still rebounded 39 percent since March 3 as the German and French economies unexpectedly grew last quarter and better-than-forecast earnings from Goldman Sachs Group Inc.
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