European shares steady after Wednesday's slump, Pearson jumps

jueves 21 de enero de 2016 05:24 GYT
 

* FTSEurofirst 300 flat in percentage terms

* Pearson and Logitech among top gainers

* Citigroup cuts global growth forecasts

By Atul Prakash

LONDON, Jan 21 (Reuters) - European equities steadied on Thursday after slumping in the previous session following a rout in commodities prices, with a strong rally in shares of companies such as Pearson and Logitech underpinning the market.

Sentiment remained fragile as initial gains on Asian stocks fizzled out, with a further drop in crude oil prices seen maintaining downwards pressure on world markets.

The pan-European FTSEurofirst 300 index was flat in percentage terms at around 1,267 points after rising up to 1,282.49 points earlier in the session. It fell 3.3 percent to its lowest level since October 2014 in the previous session.

Shares in Pearson surged more than 10 percent after the British education publisher announced plans to cut 10 percent of its workforce, cap its dividend and restructure after cutting earnings forecasts for 2015 and 2016.

"Whilst it is disappointing to see further restructuring costs and little, if any, improvement in underlying markets, we are broadly encouraged that Pearson has decided to redouble its efforts to meet external and internal challenges," Roddy Davidson, analyst at Shore Capital, said.   Continuación...