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FTSE outperforms weaker start for European shares as sterling drops
May 26, 2017 / 7:30 AM / 4 months ago

FTSE outperforms weaker start for European shares as sterling drops

MILAN, May 26 (Reuters) - European shares fell slightly in early trading on Friday with Britain’s FTSE outperforming after the sterling hit a two-week low, while the overnight drop in crude prices hit energy shares.

Sterling fell after a poll showed a lead for Prime Minister Theresa May’s Conservatives over the opposition Labour Party had narrowed sharply before a national elections on June 8.

The pan-European STOXX index was down 0.4 percent and euro zone blue chips fell by a similar amount, while the export-heavy FTSE was up flat.

The oil & gas index as the biggest faller, down 1.2 percent after OPEC extended output cuts but disappointed investors betting on longer or larger curbs, while oil prices recovered only part of the heavy slump seen on Thursday.

In the sector, Petrofac fell more than 3 percent after several brokers more than halved their price targets on the stock. The British oilfield services firm fell 30 percent in the previous session after it suspended its chief operating officer in response to a British investigation into alleged bribery, corruption and money laundering. (Reporting by Danilo Masoni, Editing by Vikram Subhedar)

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