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European shares slip for 4th day as Aggreko, Casino sink
March 7, 2017 / 10:31 AM / 8 months ago

European shares slip for 4th day as Aggreko, Casino sink

* STOXX 600 down 0.1 pct

* Aggreko slumps after results

* Earnings weigh on Paddy Power, Casino

* Just Eat, Intertek gain after updates (Adds quotes and detail, updates prices)

By Kit Rees

LONDON, March 7 (Reuters) - European shares extended losses on Tuesday on an earnings-heavy day as the biggest fallers Aggreko and Casino were weighed down by results.

The pan-European STOXX 600 index was down 0.1 percent, on track to post its fourth straight session of losses.

The three biggest fallers on the STOXX 600 all reported results, with British temporary power provider Aggreko slumping 12 percent after a 3 percent decline in full-year underlying revenue amidst a gloomy outlook for 2017.

Data from Germany added to the downcast mood as figures showed that Europe’s largest economy saw industrial orders fall 7.4 percent in January, their biggest monthly fall in eight years due to a slump in domestic and euro zone demand. Europe’s industrial goods and services index traded flat.

French retailer Casino Guichard tumbled nearly 6 percent after reporting full year earnings, while bookmaker Paddy Power Betfair dropped more than 5 percent after results.

Other company updates drove gains, with Just Eat the top gainer, rising 3.7 percent after the online food delivery company posted a 93 percent rise in earnings.

“(Just Eat’s results were) pretty much as expected, a robust finish to 2016, the adjusted EBITDA number impressive,” David Reynolds, equity analyst at Shore Capital, said.

British product testing firm Intertek was up 4.1 percent after results, and French telecoms group Iliad, rose 3.8 percent on a robust print for full-year EBITDA, adding that it planned on speeding up investments in 2017 and 2018.

The earnings season in Europe has so far been relatively strong, with 55 percent of companies in major regional markets posting earnings beats, according to Eikon data.

Traders said market participants were also looking ahead to the U.S. Federal Reserve’s interest rate decision later in the month.

“We are still quite confident in European markets ... There’s further scope for a bit of a push but we think there’s a bit of a lack of a volume and market participation just because everybody’s sitting on the sidelines waiting for the imminent announcement from the U.S.,” Berkeley Capital’s Moore added. (Reporting by Kit Rees, Editing by Vikram Subhedar and John Stonestreet)

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