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Investors seek safety as European shares dip, Ubisoft weighs
May 17, 2017 / 7:42 AM / 7 months ago

Investors seek safety as European shares dip, Ubisoft weighs

LONDON, May 17 (Reuters) - European shares fell on Wednesday amid a global pullback in stock markets as worries about political turmoil in the U.S. grew, sending investors seeking safety into defensive sectors such as telecoms and food and beverage stocks.

The pan-European STOXX 600 fell 0.3 percent, as major regional benchmarks tracked a global dip in stocks and the dollar as concerns over U.S. President Trump multiplied.

Eurozone blue-chips and the bloc’s broader index of stocks both dropped 0.6 percent. Britain’s FTSE 100 was on course to snap its nine-day winning streak, slipping from its new record high hit on Tuesday.

Ubisoft Entertainment, the third biggest global entertainment company, fell 7 percent after it cut its mid-term sales forecast, reporting results near the bottom end of its target range after the close on Tuesday.

Raiffeisen Bank was a bright spot on a negative banking sector, up 3.5 percent after its first-quarter profit jumped more than expected as write-downs shrank.

Lloyds Bank also gained 0.9 percent after the British government sold its last remaining shares in the bank.

Among the few gainers, Norwegian drugmaker Yara also got a boost from broker Liberum raising it to ‘buy’ from ‘sell’, saying urea prices are close to a trough.

Gold miners Fresnillo and Randgold Resources rose 0.8 and 2 percent as the price of the safe-haven asset rose to a two week high.

Bond proxy Unilever also gained 0.4 percent. (Reporting by Helen Reid, Vikram Subhedar)

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