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E.ON leads European share dip in thin holiday trade

Source : REUTERS
Last Updated: Mon, May 06, 2013 15:40 hrs

LONDON, May 6 (Reuters) - European stocks fell on Monday, consolidating recent gains in a thin market and led lower by German utility E.ON after it traded without rights to its latest dividend.

The euro zone's blue-chip Euro STOXX 50 index provisionally closed 13.97 points, or 0.5 percent, lower at 2,749.71 points. It had ended last week near a two-year peak after strong U.S. monthly jobs data and a European Central Bank interest rate cut.

The move lower occurred in subdued volumes of just 37 percent of the average 90-day daily average, however, with the UK, Europe's biggest market, shut for a holiday.

"It's been very quiet and there's been a natural pullback from the highs set last session," Pete Ward, sales trader at IG Index, adding most clients expected further weakness on the German DAX in the near term.

The DAX closed down 0.1 percent, just 0.5 percent off its all-time record high of 8,151.57 points, with E.ON falling 7.7 percent and making the STOXX Europe 600 Utilities index the worst-hit sector.




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