February 14, 2017 / 8:40 AM / in 8 months

European shares set to end winning streak

LONDON, Feb 14 (Reuters) - European shares were slightly weaker on Tuesday, poised to snap a five-day streak of gains, as corporate earnings season kicked into high gear across the region.

The pan-European STOXX 600 index was down 0.2 percent. Financials, in particular insurers, were among the biggest drags on the index although Credit Suisse rose 2.5 percent following its earnings.

German building materials company HeidelbergCement was among the worst performers, down 2.1 percent after it reported a 4 percent fall in fourth-quarter revenue, missing expectations due to bad weather in Germany and weak development in the Indonesian market.

Frozen baked goods maker Aryzta was the top gainer in the index, soaring 17 percent before paring back to gain 12.6 percent, after the company announced a management shake-up and potential asset sales.

Sweden’s online gaming firm Kindred Group was up 8.3 percent after its Q4 profit topped forecasts. Investors also cheered German industrial services group Bilfinger which reinstated a dividend and beat expectations for 2016 net profit, in results posted after the close on Monday.

Rolls Royce, the British engine maker, was the top European faller after it posted a record loss of 4.6 billion pounds ($5.8 billion) as a fine to settle bribery charges and the collapse in the pound took their toll.

Among national indexes, Italy’s FTSE MIB underperformed regional peers, down 0.5 percent, pulled lower by the Saipem and Fiat Chrysler. (Reporting by Helen Reid; Editing by Vikram Subhedar)

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