By Sara Sjolin, MarketWatch
LONDON (MarketWatch) -- Shares of Marks & Spencer Group PLC
led U.K. stocks higher on Thursday after reporting fourth-quarter
sales growth, while steelmaker Evraz tumbled after warning of risks
in global steel markets.
The FTSE 100 index added 0.5% to close at 6,416.14, extending
gains into a fourth straight session.
Marks & Spencer rose 4.3%, after the retailer reported a
3.1% growth in group sales for fourth quarter, but said the
cautious outlook for the year remains unchanged.
On a more downbeat note in London, shares of Evraz PLC sank 11%,
after saying it sees strong downside risks to global steel markets
in 2013 as the economic environment remains fragile. The firm's
board recommended canceling a final 2012 dividend.
Other mining firms also moved lower, tracking declines for most
metals prices. Antofagasta PLC dropped 1.7%, Anglo American PLC
gave up 1.4% and Vedanta Resources PLC fell 0.9%.
Shares of Eurasian Natural Resources Corp. lost 4.7%, as Chief
Commercial Officer Jim Cochrane resigned with immediate effect.
Heavyweight miner Rio Tinto PLC (RIO) was little changed, as
people familiar with the situation said the firm is looking for a
buyer for its 57% stake in Ivanhoe Australia Ltd.
Reckitt Benckiser Group PLC put on 0.1%, as Barclays lifted the
maker of Vanish and Strepsils to equal-weight from underweight.
Within the European consumer-staples space Barclays pointed to
Diageo PLC , up 0.7% and Unilever PLC (UL), up 0.5%, as preferred
names.
Associated British Foods PLC gave up 1.6%, after Société
Générale cut the food and retail group to hold from buy.
AstraZeneca PLC (AZN) inched 0.1% lower. Moody's Investors
Service downgraded the drug maker's long-term rating to A2 from A1,
citing ongoing pressure on sales and earnings in relation to patent
expirations at some of the best-selling drugs.
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