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Euro shares hit by Carlsberg earnings

Monday, February 18 14:50:53

European shares extended losses to a third session today after disappointing corporate earnings and nerves ahead of Italy's election, with technical charts pointing to further losses.

Carslberg, the world's fourth-biggest brewer, sounded an alarm bell with a disappointing outlook and results, sending its shares down 6.8 percent in volume two and a half times the stock's 90-day average.

It was the top faller on the FTSEurofirst 300 index, which was down 0.3 percent at 1,157.89 points by 1145 GMT. It fell for a third straight day as lacklustre corporate results led investors to take profits on the index, which rallied at the start of the year.

The blue-chip euro zone Euro STOXX 50 was also down 0.3 percent, at 2,606 points. Trading volume was less than a third of its full-day average as Wall Street would be closed for Presidents' Day.

French bank Natixis was a standout performer, however, rallying 26.5 percent in volume seven times its full-day average for the past 90 days as it unveiled plans to simplify its control chain, paving the way for higher dividends.