European shares flat, Johnson Matthey falls

LONDON Fri Feb 15, 2013 3:12am EST

LONDON Feb 15 (Reuters) - European shares were broadly flat on Friday, extending the consolidation phase after a strong January rally, and with a decline in platinum refiner Johnson Matthey weighing on markets.

The pan-European FTSEurofirst 300 index was little changed at 1,163.34 points by 0805 GMT, while the euro zone's blue-chip Euro STOXX 50 index slipped 0.1 percent to 2,634.04 points.

"We're still in consolidation mode. I don't think we can go much higher for now. We're running out of steam a little bit and I think we may trade sideways until early March," said Clairinvest fund manager Ion-Marc Valahu.

Valahu said a key technical support level for the Euro STOXX 50 was 2,630 points, while one for the DAX stood at 7,624 points, and that if both those indexes fell below those levels, it could presage a bigger move down over the coming month.

Johnson Matthey was among the worst-performers on the FTSEurofirst 300, falling 2.5 percent after the company said it expected to suffer a loss after failing to renew a deal with Anglo American Platinum.

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