European shares pause rally after mixed corporate results

miércoles 25 de febrero de 2015 05:20 GYT
 

* FTSEurofirst 300 down 0.03 pct, hovers below 7-year high

* Weir falls 8.7 pct after revenue warning

* AXA up 4.6 pct after says confident on cost-cutting target

By Blaise Robinson

PARIS, Feb 25 (Reuters) - European shares were steady on Wednesday morning, pausing a recent sharp rally that propelled both Britain's FTSE 100 and Germany's DAX to record highs as investors combed through mixed corporate results.

Shares in British engineer Weir Group featured among the top losers, down 6.2 percent after it warned about a significant reduction in revenue in 2015, hurt by the drop in oil prices.

French steel pipe maker Vallourec sank 5.6 percent after saying it plans to cut 1,400 jobs in 2015 following a drop in demand from oil company customers.

Europe's second-biggest insurer AXA rose 4.6 percent after posting a 12 percent increase in 2014 net profit and voicing confidence in its cost-cutting target for this year.

Danish shipping and oil group A.P. Moller-Maersk gained 5.7 percent after the group said it would sell its 20 percent stake in Danske Bank with the anticipated proceeds of about $5.5 billion going to shareholders.   Continuación...