European shares slip, pegged back by Vodafone

martes 20 de mayo de 2014 12:25 GYT
 

* FTSEurofirst 300 down 0.1 pct

* Vodafone falls after results

* Credit Suisse up after tax settlement

By Tricia Wright

LONDON, May 20 (Reuters) - European shares inched lower on Tuesday, held back by Vodafone after the world's second-largest mobile network operator reported 6.6 billion pounds ($11 billion) in impairment costs.

Vodafone shed 5.5 percent, making it the biggest faller on the FTSEurofirst 300, after writing down the value of some of its European businesses citing fierce competition and regulatory changes in Europe.

"The writedowns across several European regions are further proof of the challenges the company is facing, with underlying profit continuing to move in the wrong direction," said Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers.

The FTSEurofirst 300 index, which last week hit a six-year high of 1,372.81, closed down 0.1 percent at 1,357.00 points.

Equity markets have been buoyed in recent weeks by a burst of dealmaking and bids, particularly in the healthcare sector, although lofty valuations are deterring some investors from putting more money to work in equities.   Continuación...