European markets mixed after BOE rate decision; BT shares dive 8%

Business


The pan-European Stoxx 600 was little changed from the previous session, with major bourses and sectors pointing in opposite directions.

Europe’s telecoms stocks were among those to lead the losses on Thursday morning, down 0.4 percent amid earnings news. BT posted weaker-than-anticipated figures over the first three months of the year and announced plans to cut 13,000 managerial and back-office jobs. Britain’s largest telecoms group also said it would leave its London headquarters in its latest attempt to regroup after an accounting scandal. Shares of the company were nearly 8 percent lower in early morning deals.

Meanwhile, media stocks rose 0.7 percent after Britain’s free-to-air commercial broadcaster, ITV, projected net advertising revenue would jump approximately 15 percent in June as viewers tune in for the soccer World Cup. The London-listed stock also reported earnings largely in line with expectations on Thursday. Shares of ITV were up 3 percent.

Looking at individual stocks, RBS rallied over 5 percent after it agreed to pay a smaller-than-anticipated $4.9 billion to resolve a long-running investigation into its sale of mortgage-backed securities.

Elsewhere, Randgold Resources shares slumped after the gold producer reported a 24 percent quarter-on-quarter fall in profit. The company cited rising costs and disappointing production levels over the first three months of the year. Its shares were off almost 7 percent on the news.



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