European shares close down; telecos, miners weigh

Tue Nov 10, 2009 4:36pm GMT
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LONDON, Nov 10 (Reuters) - European shares closed lower on Tuesday snapping a four-day winning streak, weighed down by telecom and mining stocks.

The FTSEurofirst 300 index of top European shares provisionally closed down 0.2 percent at 1,010.35 points.

"We have had a fairly uncertain day, sometimes positive and sometimes negative. The market has been fairly indecisive about which way it wants to go. Much of it hinges on the progress Wall Street makes," said Mike Lenhoff, strategist at Brewin Dolphin.

"I don't know how confident people feel. I think in many ways they are overwhelmed by the fact the market has been so defiant in its progress."

Telecom stock featured among the biggest decliners. Vodafone (VOD.L: Quote, Profile, Research) slipped 1.5 percent after the group's earnings margin declined 2.1 percentage points, due to tough competition in emerging markets such as India and a turnaround plan in Turkey. [ID:nL619511]

Miners were on the downside after metal prices retreated. Anglo American (AAL.L: Quote, Profile, Research), Antofagasta (ANTO.L: Quote, Profile, Research), BHP Billiton (BLT.L: Quote, Profile, Research), Eurasian Natural Resources Corporation (ENRC.L: Quote, Profile, Research), Rio Tinto (RIO.L: Quote, Profile, Research) and Xstrata (XTA.L: Quote, Profile, Research) fell 1.2 to 2.5 percent.

Carmakers were lower, with Volkswagen (VOWG.DE: Quote, Profile, Research) down 8 percent. Qatar has planed to sell up to half its Volkswagen preference shares (VOWG_p.DE: Quote, Profile, Research), cashing in on recent gains and raising around 1.6 billion euros ($2.4 billion) for possible future deals. [ID:nLA555332]

Volkswagen preference shares were down 15.8 percent. (Reporting by Joanne Frearson)

 
 
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