Miners drag down European shares, Actelion slumps

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London, November 29
European shares extended the previous session’s losses on Tuesday, with commodities-related stocks coming under renewed selling pressure after a sharp decline in metals and oil prices. The broader market also weakened after Swiss biotech firm Actelion fell more than 6 percent on a report saying the company was not actively considering selling itself, but instead weighing a “complicated deal” to link with Johnson & Johnson.
The European basic resources index dropped 1.7 percent, the top sectoral decliner, as prices of major industrial metals fell 1 to 2.2 percent after recent strong gains. The oil and gas index also fell and was last quoted 0.8 percent lower.
The pan-European STOXX 600 index was down 0.4 percent by 0811 GMT. It finished 0.8 percent lower in the previous session, weighed down by a drop in banks which were led lower by Italian lenders on continued worries over a cash call at troubled lender Monte dei Paschi. Italy’s benchmark banking index, however, gained 0.5 percent after recent sharp declines.

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