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Europe: Shares steady, although Ericsson slumps

Wednesday, October 12, 2016 - 15:34
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[LONDON] European stock markets were steady in early trading on Wednesday, although Sweden's Ericsson led the region's technology stocks down to a one month-low after issuing a profit warning.

The STOXX 600 index was up 0.1 per cent, having fallen in the previous session.

Germany's DAX advanced 0.2 per cent. Britain's blue-chip FTSE 100 index edged up 0.1 per cent, while the UK's FTSE 250 mid-cap index gained 0.3 per cent.

Telecoms equipment maker Ericsson dropped more than 16 per cent to its lowest point since 2008 after warning that its third-quarter profit would be "significantly lower" than expected after a downturn in its mobile broadband business had accelerated.

Peer Nokia also dropped, down six per cent, set for its biggest daily loss since Jun 27.

Among the top risers, however, Deutsche Lufthansa gained 4.6 per cent after an upgrade from Kepler Cheuvreux, while Ryanair and easyJet also rose.

REUTERS