News Column


January 28, 2014

Stocks fell for a third day yesterday, sending the Stoxx Europe 600 index to its lowest level in a month, with BG Group and Vodafone Group tumbling. The Stoxx 600 dropped 0.8 percent to 322.02 at the close of trading in London , sending its three-day decline to 4.2 percent. BG Group plunged 14 percent after the UK oil and gas producer said 2013 earnings would be lower than forecast on reduced shipments and lower US prices. Vodafone lost 3.9 percent after AT&T said it did not intend to make an offer for Europe's largest cellular network operator. Lanxess climbed 8.2 percent after the chemical maker named Merck finance chief Matthias Zachert as its chief executive. Merck tumbled 10 percent. "We're still in the relatively early stages of an economic cycle," Kevin Lilley at Old Mutual Global Investors UK said. "You get periods where things get overbought and it's culminated as a few companies missed their fourth-quarter numbers and emerging markets started destabilising." - Bloomberg Pretoria News

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Source: Pretoria News (South Africa)

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