SKF and Syngenta slip as European stock markets retreat

Resource from: Reuters Likes:145

Apr 20,2015

LONDON, April 17 (Reuters) - European stock markets lost ground on Friday, with bearings maker SKF and crop chemicals group Syngenta among the worst performers after posting tepid figures. The pan-European FTSEurofirst 300 index, which had reached its highest level in more than 14 years earlier this week, was down by 0.3 percent at 1,631.65 points in early session trading. SKF shares fell 4 percent after the Swedish company forecast flat demand for its products in the second quarter, while Syngenta declined by 3 percent after reporting lower sales. Some traders added that lingering worries over Greece were leading investors to trim back positions and take profits on the stock market rally so far this year, which has seen the FTSEurofirst 300 rise around 20 percent. "I think the Greece situation will be resolved but we've had a massive up-turn on the stock markets so far this year, and the underlying concerns are causing some people to take a bit of money off the table," said Darren Courtney-Cook, head of trading at Central Markets Investment Management.

(Reuters)

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