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Europe: Disappointing earnings weigh on shares

Wednesday, October 19, 2016 - 15:55

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[LONDON] European shares fell in early deals on Wednesday after a slew of weak updates weighed on British firms Travis Perkins and Reckitt Benckiser, while Akzo Nobel's results were hit by a weak pound.

The pan-European STOXX 600 index fell 0.4 per cent, following a 1.5 per cent rise in the previous session.

Building materials supplier Travis Perkins dropped nearly 6 percent and was on track for its biggest daily loss since June after the firm warned on its 2016 profit, blaming a disappointing performance in its plumbing and heating business.

The company also said that it would close more than 30 branches.

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Consumer goods maker Reckitt Benckiser also fell, down nearly 3 per cent after reporting a bigger than expected slowdown in underlying third-quarter sales growth.

Price pressures and a drop in the value of sterling hit Dutch coatings and paints maker Akzo Nobel, which retreated 2.5 per cent after reporting a slide in quarterly sales.

However, among the risers, Sweden's Intrum Justitia jumped more than 6 per cent after a well-received set of results.

REUTERS

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