European shares drop as banks and tech stocks weigh

  • Reuters
  • Stock Market News
European shares drop as banks and tech stocks weigh

LONDON, April 11 (Reuters) - European shares fell on Tuesday as banks and tech stocks weighed, led lower by a slump in Dialog Semiconductor's shares, DLGS.DE though energy stocks provided support.

The pan-European STOXX 600 .STOXX index was down 0.1 percent, while the FTSE 100 .FTSE rose 0.2 percent.

Tech stocks .SX8P were the biggest sectoral losers, down 0.8 percent after Dialog Semiconductor dropped 18.4 percent.

Broker Bankaus Lampe cut its rating on the chipmaker to "sell" from "buy".

AMS AMS.S also came under pressure after UBS cut its rating to "neutral" from "buy", sending the stock down 7.5 percent.

Banking stocks .SX7P fell 0.4 percent, with Banco Popular POP.MC the biggest loser, down 5.6 percent. On Monday, the bank said that it was considering another capital hike to clean up its balance sheet and would consider a merger deal. rise in oil stocks, however, provided support, with the sector .SXEP up 0.1 percent.

Shares in Balfour Beatty BALF.L were the biggest gainers, up 5.9 percent, while Givaudan GIVN.S jumped 3.5 percent after its first quarter sales beat a Reuters poll. goods group LVMH LVMH.PA hit a record high, sending its shares up 1.7 percent after reporting a surge in first-quarter sales that beat analysts' forecasts.

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