European shares end down on growth worries

Mon Jul 6, 2009 4:51pm BST
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FRANKFURT, July 6 (Reuters) - European equities fell for the third straight session on Monday as concerns about economic growth recovery took their toll on financial, oil & gas and basic resources stocks, sparking gains for defensive shares.

The FTSEurofirst 300 index of top European shares closed unofficially down 1.0 percent at 833.77 points, its lowest close since June 23. The benchmark index fell as much as 2 percent earlier in the session.

Among Europe's oil majors, ENI (ENI.MI: Quote, Profile, Research) fell 2.7 percent, BP (BP.L: Quote, Profile, Research) declined 2.6 percent and Royal Dutch Shell (RDSa.L: Quote, Profile, Research) lost 2.1 percent as the crude price gave up more than 3.5 percent to trade below $65 a barrel.

Shares in mining group Rio Tinto (RIO.L: Quote, Profile, Research) fell 7 percent and steelmaker ArcelorMittal (ISPA.AS: Quote, Profile, Research) dropped 4.7 percent. The DJ Stoxx basic resources index shed 5.2 percent.

Deutsche Bank (DBKGn.DE: Quote, Profile, Research) fell 3.2 percent, UniCredit (CRDI.MI: Quote, Profile, Research) of Italy closed 2.9 percent lower and Royal Bank of Scotland (RBS.L: Quote, Profile, Research) also was down 2.9 percent.

The day's gainers were found mainly among traditional defensives such as healthcare , telecoms and food & beverages .

Pharma group Roche (ROG.VX: Quote, Profile, Research) gained 2.3 percent, in telecoms Vodafone (VOD.L: Quote, Profile, Research) added 1.7 percent and in the food & beverages sector British American Tobacco (BATS.L: Quote, Profile, Research) rose 1.8 percent.

Wall Street's leading equity indexes .DJI .SPX .IXIC were down by between 0.4 percent and 1.2 percent at the close of European trading. (Reporting by Peter Starck)

 
 
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