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European shares dip as ex-divs, cyclicals weigh; results boost Aegon, Coca Cola HBC
August 10, 2017 / 7:33 AM / 2 months ago

European shares dip as ex-divs, cyclicals weigh; results boost Aegon, Coca Cola HBC

LONDON, Aug 10 (Reuters) - European shares slipped in early deals on Thursday, extending losses as shares in cyclical sectors fell and some large firms went ex-dividend, while earnings spurred some large individual company moves.

The pan-European STOXX 600 index was down 0.2 percent as basic resources and banks fell, while euro zone blue chips also declined 0.2 percent.

Britain’s FTSE 100 dropped 0.6 percent as heavyweights Anglo American, BT Group, Rio Tinto and Lloyds fell after going ex-dividend, while Germany’s DAX retreated 0.1 percent.

While rising political tensions between the U.S. and North Korea hit risky assets globally in the previous session, with financials leading losses amongst European equities, results were the dominant focus on Thursday.

Shares in insurer Aegon and Coca Cola HBC rose 8.3 percent and 7.9 percent respectively after their updates.

Shares in staffing firm Adecco, Lanxess and oil and gas group OMV were among the biggest fallers, dropping 3.6 percent to 4.8 percent following their second-quarter earnings.

Around 70 percent of MSCI Europe firms have reported second quarter earnings so far, of which more than 60 percent have either met or beaten analysts’ expectations, according to Thomson Reuters data.

Financials and the energy and materials sectors have seen the biggest beats, while industrials have had the biggest misses.

Shares in Belgian biotech firm Galapagos were the top risers on the STOXX, surging more than 15 percent after a successful mid-stage study for its lung fibrosis drug.

Telecoms company SFR was up 9.7 percent after Altice raised its stake in the firm to more than 95 percent and said that it was planning a full buyout offer for remaining shares.

Reporting by Kit Rees; editing by John Stonestreet

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