Slump in banks and resources pushes European shares to 2-1/2 year low

jueves 11 de febrero de 2016 13:47 GYT
 

* FTSEurofirst 300 down 3.7 pct at close

* Societe Generale slumps 12.6 pct after results

* Swedish banks hit by rate cut, further in negative

* Rio Tinto falls after dropping dividend commitment (Updates prices at close)

By Kit Rees and Alistair Smout

LONDON, Feb 11 (Reuters) - A top European share index plunged to its lowest level in 2-1/2 years on Thursday, led down by a renewed slump in banks and commodity-related stocks, with Societe Generale sliding after disappointing results.

The pan-European FTSEurofirst 300 was down 3.7 percent at 1,195.76 points at its close, having earlier in the session slumped to its lowest level since August 2013.

The index had snapped a seven-day losing run in the previous session when it rose 1.8 percent. But an 11.3 percent slump so far in February has the index set for its biggest monthly fall since 2008, and it is down 16.6 percent so far this year.

Banks were down 6.3 percent, the top sectoral faller. The sector is down nearly 11 percent so far this week as concerns over profitability in a low-growth, low-interest rate environment have knocked confidence in the sector.   Continuación...