European shares set to end winning streak

  • Reuters
  • Stock Market News
European shares set to end winning streak
Credit: © Reuters.

LONDON, Feb 14 (Reuters) - European shares were slightly weaker on Tuesday, poised to snap a five-day streak of gains, as corporate earnings season kicked into high gear across the region.

The pan-European STOXX 600 .STOXX index was down 0.2 percent. Financials, in particular insurers, were among the biggest drags on the index although Credit Suisse CSGN.S rose 2.5 percent following its earnings.

German building materials company HeidelbergCement (DE: HEIG ) HEIG.DE was among the worst performers, down 2.1 percent after it reported a 4 percent fall in fourth-quarter revenue, missing expectations due to bad weather in Germany and weak development in the Indonesian market.

Frozen baked goods maker Aryzta ARYN.S was the top gainer in the index, soaring 17 percent before paring back to gain 12.6 percent, after the company announced a management shake-up and potential asset sales. online gaming firm Kindred Group KINDsdb.ST was up 8.3 percent after its Q4 profit topped forecasts. Investors also cheered German industrial services group Bilfinger GBFG.DE which reinstated a dividend and beat expectations for 2016 net profit, in results posted after the close on Monday.

Rolls Royce RR.L , the British engine maker, was the top European faller after it posted a record loss of 4.6 billion pounds ($5.8 billion) as a fine to settle bribery charges and the collapse in the pound took their toll. national indexes, Italy's FTSE MIB .FTMIB underperformed regional peers, down 0.5 percent, pulled lower by the Saipem SPMI.MI and Fiat Chrysler FCHA.MI .

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