European shares fall as Iraq weighs on market, GDF loses

miércoles 25 de junio de 2014 12:36 GYT

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

* Traders cite Iraq violence as reason for equity pullback

* FTSEurofirst 300 closes down 1.1 pct at 1,372.04 points

* FTSEurofirst 300 ends at 3-week low

By Sudip Kar-Gupta

LONDON, June 25 (Reuters) - European shares fell on Wednesday, with utility GDF Suez a standout loser, as traders cited 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 ended down by 1.1 percent at 1,372.04 points, marking its lowest level in around three weeks.

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.   Continuación...