LONDON Jan 25 European shares edged lower on
Friday, led by a fall in handset maker Nokia, but a
key index kept within sight of multi-month highs and charts
suggested further gains were on the cards.
Nokia shed 2.9 percent, extending a selloff in the previous
session, as analysts cut their estimates for the firm after it
axed its annual dividend payment for the first time against
The euro zone Euro STOXX 50 index was flat at
2,721.97 at 0815 GMT, continuing to hover around a technical
resistance at around 2,722, which corresponds to the 100 percent
Fibonacci projection of a rally in the second half of 2011.
"We've been hugging the resistance for several weeks now and
that really shows the lack of seller," Anders Soderberg, chief
technical analyst at SEB in Stockholm.
"I think we're going to see one more high within this
sequence before we make a more profound correction."
The broader FTSEurofirst 300 index of pan-European
shares was down 0.2 percent at 1,169.19 points.