Tuesday, April 11, 2017

European shares drop as banks and tech stocks weigh......

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European shares fell on Tuesday as banks and tech stocks weighed, led lower by a slump in Dialog Semiconductor's shares, though energy stocks provided support. 


The pan-European STOXX 600 index was down 0.1 per cent, while the FTSE 100 rose 0.2 per cent. 

Tech stocks were the biggest sectoral losers, down 0.8 per cent after Dialog Semiconductor dropped 18.4 per cent. 

Broker Bankaus Lampe cut its rating on the chipmaker to "sell" from "buy". 

AMS also came under pressure after UBS cut its rating to "neutral" from "buy", sending the stock down 7.5 per cent. 

Banking stocks fell 0.4 per cent, with BancoBSE 0.63 % Popular the biggest loser, down 5.6 per cent. 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 up 0.1 per cent. 

Shares in Balfour Beatty were the biggest gainers, up 5.9 per cent, while Givaudan jumped 3.5 per cent after its first quarter sales beat a Reuters poll. 

Luxury goods group LVMH hit a record high, sending its shares up 1.7 per cent after reporting a surge in first-quarter sales that beat analysts' forecasts. 

source:economictimes

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