LONDON, May 11 (Reuters) - Italian banks shone in lacklustre European trading on Thursday after results led by Unicredit whose results indicated its turnaround was gathering pace.
Financials were a bright spot on the benchmarks for the second day running, with Unicredit CRDI.MI up 4.4 percent after rising revenues and lower loan losses boosted it to better than expected first-quarter profits.
Telecoms stocks .SXKP were among the worst-performing with BT BT.L down 1.7 percent after it announced 4,000 job cuts in a restructuring plan to recover from a year it said was 'challenging'. in Britain's biggest telecoms company have not recovered from a 20 percent drop after it revealed accounting malpractices in Italy in January.
Spain's Telefonica TEF.MC also fell 1.7 percent after its results. setback in its generic drug Advair's approval by the U.S. Food and Drug Administration sent Hikma HIK.L shares down more than 8 percent, the worst-performing European stock. downgrades weighed on some of the top fallers. Centrica (LON: CNA ) fell 5.8 percent after JP Morgan cut it to 'underweight' from 'overweight', while a rating cut from Citigroup (NYSE: C ) sent Hannover Re HNRGn.DE down 5 percent.
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