MILAN May 26 European shares fell slightly in
early trading on Friday with Britain's FTSE outperforming after
the sterling hit a two-week low, while the overnight drop in
crude prices hit energy shares.
Sterling fell after a poll showed a lead for Prime Minister
Theresa May's Conservatives over the opposition Labour Party had
narrowed sharply before a national elections on June 8.
The pan-European STOXX index was down 0.4 percent
and euro zone blue chips fell by a similar amount,
while the export-heavy FTSE was up flat.
The oil & gas index as the biggest faller, down 1.2
percent after OPEC extended output cuts but disappointed
investors betting on longer or larger curbs, while oil prices
recovered only part of the heavy slump seen on Thursday.
In the sector, Petrofac fell more than 3 percent
after several brokers more than halved their price targets on
the stock. The British oilfield services firm fell 30 percent in
the previous session after it suspended its chief operating
officer in response to a British investigation into alleged
bribery, corruption and money laundering.
(Reporting by Danilo Masoni, Editing by Vikram Subhedar)