Source Pravda.Ru

Alliance & Leicester, profit drop

U.K. stocks declined for the first time in three days, led by banks, after Alliance & Leicester Plc stated a slump in second-half profit and curtailed its growth target for this year and next.

Kingfisher Plc, Europe 's largest home-improvement retailer, declined after JPMorgan Chase & Co. downgraded the shares, citing concern consumption in most European markets will slow.

Alliance & Leicester, the second-worst performing U.K. bank in the past month, tumbled 16 % to 443 pence, the steepest drop since September. The lender said its previous target for earnings-per-share growth through 2009 of at least 9 % above inflation ``is no longer appropriate'' because of a surge in funding costs and a slowdown in mortgage lending. Second-half profit fell 67 % to 73.1 million pounds ($142 million), or 17.4 pence a share.

Bradford & Bingley Plc, the worst-performing bank stock in the past month, lost 1.4 % to 179.75 pence. HBOS Plc, the U.K. 's biggest mortgage lender, lowered 4.4 % to 630 %.

Kingfisher lost 2.7 % to 133 pence after the shares were downgraded to ``underweight'' from ``neutral'' at JPMorgan.

``We expect the macro environment in the U.K. to deteriorate significantly and consumption in most European markets to slow,'' analysts including London-based Simon Irwin wrote in a report to clients today.

Comments
Venezuela may expect another Panama scenario from 1989
12 signs of imminent war between the West and Russia
Exclusive Interview: Oliver Stone on Venezuelan Election
Russia will not be the only country to use Crimean Bridge
Kremlin wants foreign invaders out of Syria
The Royal Wedding and the Silly Season
Germany responds to USA's ultimatum about Nord Stream 2 project
The Royal Wedding and the Silly Season
The Royal Wedding and the Silly Season
The Royal Wedding and the Silly Season
The Royal Wedding and the Silly Season
Russians massively break traffic rules on Crimea Bridge
International study indicates ways to mitigate the effects of climate change on agriculture
12 signs of imminent war between the West and Russia
The Royal Wedding and the Silly Season
12 signs of imminent war between the West and Russia
12 signs of imminent war between the West and Russia
Argentina suggests Putin should reinstate gay propaganda for World Cup 2018
International study indicates ways to mitigate the effects of climate change on agriculture
International study indicates ways to mitigate the effects of climate change on agriculture
International study indicates ways to mitigate the effects of climate change on agriculture