European shares pause as broadcasters sag after updates
* FTSEurofirst 300 flat, just off 6-year high
* Media stocks lead fallers as Mediaset, ITV disappoint
* Portugal stocks sag; talk of capital hike hitting banks
By Francesco Canepa
LONDON, May 14 (Reuters) - Weak corporate updates, especially in the media sector, caused European shares to pause on Wednesday after a two month-rally that has propelled many regional indexes to multi-year highs.
The STOXX Europe 600 media index fell 1.3 percent, the worst performer among sector indexes, as disappointing results by broadcasters ITV and Mediaset cast a shadow on a strong reporting season so far for the industry.
Around 67 percent of media companies in the STOXX Europe 600 index that reported results through May 13 met or beat consensus estimates, compared to roughly half for the index as a whole, StarMine data shows.
Shares in ITV, which will broadcast the World Cup finals in June, had risen 5 percent over the previous two weeks, suggesting investor expectations of the results were high.
"The market was looking for a set of numbers that would allow for upgrades to consensus forecasts and they did not get that today," Jefferies & Company analyst David Reynolds said. Continuación...