U.K. Stocks Decline, Led by Imperial Tobacco, BHP Billiton

Source from:  By Sarah Jones Oct. 30 (Bloomberg) 10/31/2007

U.K. stocks fell for the first time in four days, paced by Imperial Tobacco Plc after its full-year earnings missed analysts' estimates. BHP Billiton Ltd. and Anglo American Plc retreated after copper fell in Shanghai and London. British American Tobacco Plc slipped as Goldman, Sachs & Co. recommended investors reduce holdings in the cigarette maker. The FTSE 100 Index declined 17, or 0.3 percent, to 6,689 at 8:32 a.m. in London. The FTSE All-Share Index lost 0.3 percent to 3,433.03. Ireland's ISEQ Index slid 0.6 percent to 7,818.55. Imperial Tobacco sank 2.3 percent to 2,388 pence. Europe's second-largest traded cigarette maker said full-year profit rose 6.3 percent to 905 million pounds ($1.86 billion) after the company expanded into the U.S. with the $1.9 billion purchase of Commonwealth Brands. That missed the 928 million-pound median estimate of 10 analysts surveyed by Bloomberg. BHP, the world's largest mining company, declined 0.9 percent to 1,851 pence. Anglo American Plc, the world's No. 2, lost 0.7 percent to 3,328 pence. Rio Tinto Group, the third- biggest, also fell 0.7 percent, to 4,446 pence. Copper for January delivery fell as much as 1.8 percent in Shanghai after stockpiles rose to a six-month high, easing concern that supplies will fail to keep pace with demand as consumption increases in China. In London, Copper for deliver in three months slid as much as 1.2 percent to $7,750 a metric ton. Nickel, lead, zinc and aluminum prices also dropped. British American Tobacco slipped 0.7 percent to 1,804 pence. Goldman Sachs lowered its recommendation for the maker of Lucky Strike Cigarettes to "neutral" from "buy." The following stocks also gained or fell in the U.K. market. Stock symbols are in parentheses. 888 Holdings Plc (888 LN) gained 1.5 pence, or 1.2 percent, to 122. The U.K.'s second-largest online gaming company said third-quarter sales from continuing operations climbed 37 percent to $52.5 million after more customers from outside the U.S. signed up to gamble. Johnson Service Group Plc (JSG LN) dropped 5.75 pence, or 2.5 percent, to 225.5 after UBS AG cut its price estimate for the U.K.'s biggest dry cleaner by 21 percent to 260 pence per share. Schroders Plc (SDR LN) gained 23 pence, or 1.6 percent, to 1,499. London's largest publicly traded fund manager said third- quarter profit before tax rose 53 percent to 98.1 million pounds as it sold more high-fee funds to institutional investors. Assets under management were little changed at 137.7 billion pounds. Enditem