LONDON Jan 11 European shares steadied on
Tuesday in early deals, with retail stocks back in focus after a
well-received update from British grocer Sainsbury,
though Cobham tanked.
The pan-European STOXX 600 index was flat in
percentage terms, as was the blue-chip FTSE 100, which
held close to a record high of 7,284.81 points reached in the
Sainsbury's was the top gainer, jumping more than 5
percent after Britain's second biggest supermarket beat
forecasts for underlying sales in its Christmas quarter.
This follows peer Morrison's strong performance in
the previous session after it too reported robust figures.
Earnings also buoyed shares in Denmark's Chr Hansen
, which gained 4.6 percent.
British aero engineering firm Cobham slumped more
than 19 percent, however, after it missed its profit target and
scrapped its final dividend.
Cobham's 2016 trading profit fell short of a target it had
cut just two months before the year-end because of poor trading.
(Reporting by Kit Rees, Editing by Vikram Subhedar)