October 12, 2016 / 7:26 AM / 2 years ago

European shares steady, although Ericsson slumps

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets)

LONDON, Oct 12 (Reuters) - European stock markets were steady in early trading on Wednesday, although Sweden’s Ericsson led the region’s technology stocks down to a one month-low after issuing a profit warning.

The STOXX 600 index was up 0.1 percent, having fallen in the previous session.

Germany’s DAX advanced 0.2 percent. Britain’s blue-chip FTSE 100 index edged up 0.1 percent, while the UK’s FTSE 250 mid-cap index gained 0.3 percent.

Telecoms equipment maker Ericsson dropped more than 16 percent to its lowest point since 2008 after warning that its third-quarter profit would be “significantly lower” than expected after a downturn in its mobile broadband business had accelerated.

Peer Nokia also dropped, down 6 percent, set for its biggest daily loss since June 27.

Among the top risers, however, Deutsche Lufthansa gained 4.6 percent after an upgrade from Kepler Cheuvreux, while Ryanair and easyJet also rose. (Reporting by Kit Rees; Editing by Sudip Kar-Gupta)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below