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Greek shares underperform flat European markets

Greek shares underperform flat European markets

LONDON: European shares were little changed on Wednesday amid a mixed set of corporate earnings, while the Greek market underperformed after euro zone officials delayed a meeting on the country’s bailout.

Greece’s benchmark ATG equity index fell 3.7 percent, making it the worst-performing market in the region.

The Athens market fell after the Eurogroup said late on Tuesday that euro zone finance ministers would not meet on Thursday and needed more time to discuss two sets of Greek reforms that would unlock new loans.

The broader, pan-European FTSEurofirst 300 index, which hit a three-month high last week, was up 0.1 percent by 1013 GMT.

“We’ve had a good run-up in the last couple of weeks, but I think we’re still in a bear market. My overall roadmap from here is down,” said Andreas Clenow, hedge fund manager at Zurich-based ACIES Asset Management.

Shares in state-controlled Finnish refiner Neste slumped 8.2 percent after Neste reported a bigger-than-expected fall in first-quarter earnings.

Technology stock AMS also lost ground after Apple posted its first-ever decline in iPhone sales and its first revenue drop in 13 years.

On the positive side, German sportswear group Adidas surged 7 percent after hiking its guidance for 2016 as it reported a 35 percent jump in first-quarter operating profit.

Barclays was flat after it reported a slump in profits, even though some traders pointed to a relatively strong performance at the bank’s UK division as helping to boost the shares.

Copyright Reuters, 2016

Courtesy : BRecorder



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