April 18, 2017 / 7:45 AM / 3 years ago

Miners, oil a drag on European shares

LONDON, April 18 (Reuters) - Commodity-linked stocks weighed on European shares on Tuesday in a choppy start to the session, with the main pan-European index unable to hold initial gains.

The pan-European STOXX 600 index was down 0.1 percent, while sterling strength weighed on Britain’s FTSE 100 which fell 0.6 percent.

The basic resources sector the biggest sectoral faller, down 1.7 percent, while oil & gas shares also fell 0.6 percent as the price of oil edged down following an expected climb in U.S. output.

Jeweler Pandora was the worst performing stock on the STOXX 600, down more than 7 percent. It was joined by DONG Energy, which dropped 4 percent after Citigroup cut its rating to “neutral”.

Among risers, biotech firm Galapagos jumped 4.5 percent after raising $338 million gross proceeds in a U.S. public offering, while Germany’s Uniper gained 3.3 percent after SocGen raised its rating on the stock to “buy” from “hold”. (Reporting by Kit Rees, Editing by Vikram Subhedar)

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