European markets close mainly lower after BOE rate decision


The pan-European Stoxx 600 ended provisionally 0.12 percent lower than its previous closing price, with major bourses and sectors pointing in opposite directions.

Europe’s telecoms stocks were among those to lead the losses, down 0.94 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 7.5 percent lower for the day.

Meanwhile, media stocks rose 0.3 percent on average 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 5.8 percent.

In banking, RBS rallied nearly 4 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 6.8 percent on the news.



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