By Sara Sjolin, MarketWatch
HSBC rises after broker upgrade
LONDON (MarketWatch) -- The U.K.'s FTSE 100 was mired in the red
for a third straight day on Tuesday, with Prudential shares posting
one of the biggest losses after confirming the departure of its
CEO. Mining and oil firms were also adding pressure, tracking
commodity prices lower.
The FTSE 100 index fell 0.3% to 6,855.79, setting it on track
for its lowest close in almost a month. The benchmark fell 0.5% on
Monday amid continued concerns over Greece and whether the country
will agree on a reform program with its international lenders, a
prerequisite for receiving more financial aid.
On Tuesday, shares of Prudential PLC slid 2.4% after the insurer
confirmed that chief executive Tidjane Thiam will be leaving after
six years
(http://www.marketwatch.com/story/prudential-confirms-ceo-to-leave-as-profit-rises-2015-03-10-34851644)
at the helm to become the CEO of Credit Suisse Group AG (CS).
Shares of Credit Suisse jumped 7%.
Mining firms were also heading south in London as metals slumped
across the board. Shares of Antofagasta PLC dropped 1.9%, BHP
Billiton PLC (BHP) lost 1.8% and Rio Tinto PLC (RIO) gave up
1.1%.
Oil prices dropped, weighing on London's energy producers.
Tullow Oil PLC erased 4.1%, Royal Dutch Shell PLC (RDSB) fell 1.5%
and BP PLC (BP) shaved off 0.7%.
On a more upbeat note, shares of HSBC Holdings PLC (HSBC) added
1.1% after Goldman Sachs lifted the heavyweight bank to buy from
neutral. The Goldman analysts said HSBC is a key beneficiary of the
recent strengthening in U.S. dollar rates and that the current
valuation makes the bank a good buying opportunity.
At 2:15 p.m. London time, or 10:15 Eastern Time, Bank of England
Governor Mark Carney gives evidence to the Lord's Economic Affairs
Committee.
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