European shares fall as Iraq weighs on market, GDF a standout loser

miércoles 25 de junio de 2014 10:58 GYT

* Fall in GDF Suez weighs on France's CAC index

* Traders cite Iraq violence as reason for equity pullback

* FTSEurofirst 300 down 1.1 pct, CAC down 1.3 pct

By Sudip Kar-Gupta

LONDON, June 25 (Reuters) - European shares fell on Wednesday with a standout drop for utility GDF Suez and traders citing fears that violence in Iraq will escalate further as a cue for investors to cash in on last month's equity rally.

The pan-European FTSEurofirst 300 index fell 1.1 percent to near its three-week low of 1,371.87 points.

France's CAC underperformed with a 1.3 percent decline, hit by a 2.3-percent drop in utility GDF Suez after the French state sold a 3.1 percent stake at 20.18 euros per share, the bottom of a range set by bookrunners.

Traders said the conflict in Iraq was providing investors with a reason to cash in on last month's rally, which saw Germany's DAX hit a record of 10,050.98 points while the FTSEurofirst rose to a 6-1/2 year high of 1,399.62 points.

"We're coming in for some healthy gains, and the tendency is to cash in those gains," Mirabaud Securities equity sales executive Rupert Baker said.   Continuación...