GO
Loading...

European shares hit by BG production warning

LONDON, Oct 31 (Reuters) - European stocks dipped on Wednesday, led by heavyweight British oil and gas firm BG Group after it warned it would show no production growth next year.

The FTSEurofirst 300 provisionally closed down 0.5 percent at 1,097.54, reflecting weakness on Wall Street, which reopened after a two-day stoppage after super storm Sandy caused widespread damage to the U.S. eastern coast.

BG Group sank 13.7 percent in hefty trading volume of near sixteen times its 90-day daily average, accounting for nearly a third of the total index points fall.

``European markets are quieter today than you would expect for the last day of the month. The big question remains if the market has run ahead of itself with company warnings continuing to dominate the headlines,'' said Lex van Dam, hedge fund manager at Hampstead Capital, which manages around $500 million of assets.