European shares slip back after five day winning streak

[MILAN] European shares fell back on Thursday, with chemicals maker Evonik among the worst performers, as investors took a breather after five straight days of gains brought a top European equity index to a one-month high.

By 0820 GMT, the pan-European FTSEurofirst 300 was down 0.2 per cent at 1,339.76 points.

Evonik was the top loser, down 6 per cent, after it flagged a 19 per cent decline in 2016 adjusted core earnings, hurt by falling prices at its poultry feed ingredients business, its main profit driver last year.

Sportswear maker Adidas also fell 1.2 per cent after reporting a larger than-expected net loss of 44 million euros for the fourth quarter as sales rose 15 per cent, broadly in line with expectations.

Miners, however, were up 1.7 per cent as London copper prices hit their highest since mid-November.

REUTERS