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STOCKS NEWS EUROPE-BT leads FTSE 100 fallers as results lag
July 25, 2012 / 7:38 AM / 5 years ago

STOCKS NEWS EUROPE-BT leads FTSE 100 fallers as results lag

BT tops the FTSE 100’s loserboard, sliding to its lowest level in nearly a month, as the British telecom group’s first quarter results come in below analysts’ forecasts.

BT is down 6.6 percent at 203 pence in early morning trade, underperforming a 0.3 fall in the FTSE and a 0.6 percent decline in the STOXX Europe 600 Telecoms sector.

The stock is also among the most heavily traded on the FTSE. Trading volumes on BT are at roughly 35 percent of their 90-day average, compared to the FTSE where trading volumes are at just 5 percent of the 90-day average.

“BT has reported its Q1 results, which look a little soft,” Espirito Santo Investment Bank analysts write in a research note, adding that BT’s revenues missed the bank’s estimates by 2.1 percent.

According to Thomson Reuters StarMine data to the Tuesday close, 10 analysts had a “hold” rating on BT shares, 2 had “sell” recommendations while 9 had a “buy” rating on the stock.

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