Stocks across Europe
on Tuesday fell back from a three-week high, weighed by sliding oil
prices and a dreary financial update from mining industry heavyweight
BHP Billiton PLC.
The Stoxx Europe 600
index ended down 1.2% at 327.78, with all sectors finishing with losses.
The index on Monday jumped 1.7% to 331.82, the highest close since Feb.
2, fueled by a rally for commodity shares as prices for oil and metals
advanced.
But on Tuesday, the
basic materials group was among the worst performing. There, BHP
Billiton Ltd. BLT, shares dropped 6.1%. The world’s largest mining
company by market value slashed its midyear dividend by 74% to 16 cents a
share. The move should protect its balance sheet during what may be a
“prolonged” period of low commodity prices, said BHP.
Source : Marketwatch
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