LONDON Feb 16 European shares steadied on
Thursday after rising for the past seven sessions, with gains in
airlines stocks offset by weaker miners and a slump in British
engineering group Cobham following a poor update.
The pan-European STOXX 600 index was little changed
in percentage terms at 371.34 points by 0821 GMT after recent
strong gains to a two-month high in the previous session.
Cobham slumped more than 21 percent to its lowest since late
2004 and headed for its biggest-ever daily fall. The company
said it would take a 150 million pound ($187 million) charge on
its work on Boeing's troubled KC-46 tanker programme and
downgraded its likely 2016 trading profit again.
European miners fell 0.9 percent, the biggest
sectoral decliners, tracking weaker metals prices.
However, losses were offset by a rally in airline stocks
after Air France-KLM reported better than expected
operating profit for 2016 and said it had made a "resilient"
start to 2017.
Shares in International Consolidates Airlines Group
and Lufthansa rose 2.2 and 2.4 percent higher
respectively to feature among top risers on the STOXX 600.
IT services group Capgemini was up 3.3 percent
after saying that it was targeting higher earnings in 2017.
(Reporting by Atul Prakash; Editing by Toby Chopra)