Europe close: Stocks slip amid profit-taking
By Alexander Bueso
Date: Wednesday 08 Dec 2021
(Sharecast News) - European stocks slipped on Wednesday amid profit-taking following the previous day's rally.
The pan-European Stoxx 600 index gave up early gains to trade 0.59% lower to finish at 477.36, with the German Dax down 0.80% to 15,687.09 and the FTSE Mib falling by 1.42% to 26,751.93.
Shares in Technology issues, Oil&Gas companies and Banks all gave back some of the previous session's gains.
Germany's BioNTech, which makes Covid-19 vaccines with Pfizer, fell 4% after a study showed that the Omicron variant can partially evade protection from two doses of their treatment.
However, preliminary results from a study appeared to show that a booster shot of its vaccine was capable of neutralising Omicron.
"The headlong rally in global markets has stalled, but the overall outlook for equities remains firmly positive. The previous three sessions put markets firmly back on the front foot, with Omicron concerns almost entirely evaporating," said IG analyst Chris Beauchamp.
In equity news, TUI shares reversed early falls to trade up by 2% as the world's biggest travel company said Omicron had forced a slowdown in winter bookings.
Miniature wargames manufacturer Games Workshop dipped as the company said pre-tax profits had slipped in the six months to November 28, despite seeing sales moderately improve.
Berkeley shares rose by about 2% as the UK housebuilder increased its guidance for the current year and beyond after reporting a 26% increase in first-half profit fuelled by its investment in London and surrounding areas.
German meal-kit company HelloFresh slid 4% after an underwhelming outlook for 2022 earnings.
Chipmakers Infineon Technologies and STMicroelectronics both fell after a Morgan Stanley downgrade to 'equal-weight'.
Man Group gained after the firm said it would buy back up to $250m of shares to return cash to shareholders.
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