European stocks ended lower yesterday, weighed down by a steep fall in shares of Belgian-Dutch financial group Fortis while tech stocks such as telecoms equipment maker Ericsson rose.
The benchmark FTSEurofirst 300 index closed unofficially 0.05 per cent lower at 1,329.77 points, having risen as much as 2.1 per cent earlier in the session.
Shares in Fortis and rival ING fell on market talk of profit warnings, traders said. Fortis was down 10.9 per cent and ING lost 5.2 per cent. Both companies declined to comment.
However, the retreat from early highs was attributed to profit-taking in shares of companies that benefitted in recent sessions, such as makers of drugs and consumer staples.
Technology was the strongest sector, up 1.7 per cent, led by Swedish telecoms equipment maker Ericsson with a gain of 4.5 per cent and Finland-based mobile phone maker Nokia, which rose 1.9 per cent.