European shares partially recover after 13-month low, Renault slumps

jueves 14 de enero de 2016 13:58 GYT
 

* FTSEurofirst 300 index ends 1.5 pct lower

* Renault leads automobile sector down

* Tesco up on better-than-expected results (Updates with closing prices, details)

By Atul Prakash and Danilo Masoni

LONDON/MILAN, Jan 14 (Reuters) - European equities slumped to a 13-month trough on Thursday, with the automobile sector leading the market lower as Renault tumbled following inspections at three of its sites in an emissions probe.

The pan-European FTSEurofirst 300 index ended 1.5 percent weaker at 1,334.36 points after falling as far as 1,309.74, its lowest level since December 2014.

However, the index closed off its intra-day lows after a recovery in crude oil and metals prices boosted commodities-related stocks. Shares in miner Anglo American jumped more than 13 percent.

Shares in the French carmaker Renault fell 10.3 percent, the biggest decliner in the index, after falling more than 20 percent earlier in the day. That wiped billions of dollars off its market value, in an echo of the scandal engulfing German rival Volkswagen.

"It was almost inevitable that someone else would fall under the eye of investigators, it's just surprising it has taken this long," IG analyst Chris Beauchamp said.   Continuación...