European shares drop as banks and tech stocks weigh
Reuters
Published Apr 11, 2017 08:40
Updated Apr 11, 2017 08:50
European shares drop as banks and tech stocks weigh
LONDON (Reuters) - European shares fell on Tuesday as banks and tech stocks weighed, led lower by a slump in Dialog Semiconductor's shares, (DE:DLGS) though energy stocks provided support.
The pan-European STOXX 600 (STOXX) index was down 0.1 percent, while the FTSE 100 (FTSE) rose 0.2 percent.
Tech stocks (SX8P) were the biggest sectoral losers, down 0.8 percent after Dialog Semiconductor dropped 18.4 percent.
Broker Bankaus Lampe cut its rating on the chipmaker to "sell" from "buy".
AMS (S:AMS) also came under pressure after UBS cut its rating to "neutral" from "buy", sending the stock down 7.5 percent.
Banking stocks (SX7P) fell 0.4 percent, with Banco Popular (MC:POP) the biggest loser, down 5.6 percent. On Monday, the bank said that it was considering another capital hike to clean up its balance sheet and would consider a merger deal.
A rise in oil stocks, however, provided support, with the sector (SXEP) up 0.1 percent.
Shares in Balfour Beatty (L:BALF) were the biggest gainers, up 5.9 percent, while Givaudan (S:GIVN) jumped 3.5 percent after its first quarter sales beat a Reuters poll.
Luxury goods group LVMH (PA:LVMH) hit a record high, sending its shares up 1.7 percent after reporting a surge in first-quarter sales that beat analysts' forecasts.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.