European shares fall for 2nd day, Saint-Gobain hit

martes 8 de abril de 2014 07:21 GYT
 

* FTSEurofirst 300 down 0.8 pct, Euro STOXX 50 down 1.1 pct

* Saint-Gobain falls 3.5 percent after Groupama placing

* Carrefour hit by profit takers ahead of results

By Francesco Canepa

LONDON, April 8 (Reuters) - European shares fell for a second day on Tuesday, with building materials group Saint-Gobain among the worst hit, as investors sold out of some this year's best performers for fear the upcoming earnings season would deliver sobering news.

Saint-Gobain declined 3.5 percent as French insurer Groupama sold its 1.8 percent stake in Europe's biggest supplier of building materials. The shares went for around 44.50 euros, a 3.2 percent discount to their closing price on Friday.

The stock had risen 28 percent between early December and last Friday. "We thought the price was quite low, and we had a few clients getting out of their positions (in Saint Gobain)," said Ishaq Siddiqi, market strategist at ETX Capital.

The stock's retreat was among the biggest on the pan-European FTSEurofirst 300, which was down 0.8 percent at 1,325.72 points at 1100 GMT. The euro zone Euro STOXX 50 index was down 1.1 percent at 3,150.10 points.

Both indexes reported their worst daily drop in a month on Monday as investors took profit on a nine-day rally, fearing the market had got ahead of itself and the upcoming first-quarter results would expose fundamental weaknesses.   Continuación...