Europe: Shares open lower as oil prices extend drop

[MILAN] European shares opened lower on Tuesday, extending losses seen in the previous session, on the back of a fall in Asia and as oil prices continued their drop to dip below the $30 mark.

By 0810 GMT, the pan-European FTSEurofirst 300 was down 1.6 per cent, while the euro zone's blue chip Euro Stoxx 50 index was down 1.5 per cent.

The slide in oil prices pushed energy sector stocks down 3 per cent, making them the top sectoral loser, followed by mining and banking stocks, down 2.7 per cent and 2.2 per cent respectively.

Among the few gainers, shares in Siemens rose 4 per cent after Europe's biggest industrial group raised its full-year earnings forecast on strong first-quarter results.

REUTERS