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European shares drop as banks and tech stocks weigh
April 11, 2017 / 7:36 AM / 7 months ago

European shares drop as banks and tech stocks weigh

LONDON, April 11 (Reuters) - European shares fell on Tuesday as banks and tech stocks weighed, led lower by a slump in Dialog Semiconductor’s shares, though energy stocks provided support.

The pan-European STOXX 600 index was down 0.1 percent, while the FTSE 100 rose 0.2 percent.

Tech stocks were the biggest sectoral losers, down 0.8 percent after Dialog Semiconductor dropped 18.4 percent.

Broker Bankaus Lampe cut its rating on the chipmaker to “sell” from “buy”.

AMS also came under pressure after UBS cut its rating to “neutral” from “buy”, sending the stock down 7.5 percent.

Banking stocks fell 0.4 percent, with Banco Popular the biggest loser, down 5.6 percent. On Monday, the bank said that it was considering another capital hike to clean up its balance sheet and would consider a merger deal.

A rise in oil stocks, however, provided support, with the sector up 0.1 percent.

Shares in Balfour Beatty were the biggest gainers, up 5.9 percent, while Givaudan jumped 3.5 percent after its first quarter sales beat a Reuters poll.

Luxury goods group LVMH hit a record high, sending its shares up 1.7 percent after reporting a surge in first-quarter sales that beat analysts’ forecasts. (Reporting by Kit Rees; Editing by Louise Ireland)

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