European shares mixed after Brent crude hits $50 a barrel

European shares were mixed on Thursday, with banks on the back foot following a recent rally while commodity stocks were boosted as Brent crude oil prices hit $50 a barrel for the first time since November.

The STOXX Europe 600 was down 0.1 percent at 348.06, with the FTSEurofirst 300 flat. Both indexes hit a 4 week high in the previous session.

Britain’s FTSE 100, France’s CAC and Germany’s DAX were all 0.1 percent higher.

Banks fell 1.3 percent after a strong rally on Wednesday, led down by Banco Popular which slumped 25 percent after it announced a rights issue plan.

Other Spanish banks Caixabank and Banco de Sabadell fell 3.4 percent and 4.5 percent respectively.

However, oil companies rose 0.6 percent after Brent crude hit $50 dollars a barrel, boosted by a drawdown in crude stocks in the United States last week.

Source: Reuters

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