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Europe: Shares fall close to 3-month lows, Tesco outshines

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European shares fell on Thursday following two sessions of gains, with sentiment depressed by continued weakness in oil prices, which briefly dipped below the key $30 level, and worries over global economic growth.

[MILAN] European shares fell on Thursday following two sessions of gains, with sentiment depressed by continued weakness in oil prices, which briefly dipped below the key $30 level, and worries over global economic growth.

By 0808 GMT, the pan-European FTSEurofirst 300 index was down 1.4 per cent at 1,336.25 points, close to three-month lows reached on Monday after a rocky start to the year due to fears over a slowdown in China.

Weaker than expected results sent Swiss chocolate maker Lindt & Spruengli down around 3 per cent, while Richemont fell 1 per cent after the Cartier owner said business was likely to remain challenging following a 4 per cent quarterly sales drop.

However, Tesco rose to outperform the market weakness.

Tesco was the top performer on the FTSEurofirst, climbing 6.5 per cent, after lower prices and more staff helped the British supermarket chain post a better-than-expected result over the key Christmas period.

REUTERS