Europe midday: Shares slip into the red as Airbus disappoints

European shares slipped into negative territory as poor corporate results from aviation heavyweight Airbus dampened sentiment with strong mining stocks failing to lift the gloom.

The pan-European STOXX 600 slipped 0.29% lower with all major regional bourses lower apart from Germany’s DAX which was up 0.05% as investors held fire ahead of UK retail sales and flash PMIs for February due on Friday.

In equity news, miners were the standout gainers, with Rio Tinto, Glencore, Antofagasta and Anglo American all higher as metals prices advanced.

Shares in Airbus fell as the European aircraft maker posted an annual loss and withheld a dividend due to the Covid-19 pandemic.

UK medical equipment maker Smith & Nephew shares were down 5% after warning the Covid-19 pandemic’s impact would continue into the first half with uncertainty around the timing of any recovery.

French telecoms firm Orange was 4.22% lower after reporting a drop in core operating profit in the fourth quarter.

Barclays was in the red even after it reinstated its dividend and said it would buy back up to £700m of shares as the bank reported annual profit ahead of forecasts.

French mall owner Klepierre was down 2.7% on the back of reporting a 25% drop in 2020 net rental income on Wednesday, as on-and-off restrictions in its home market and the rest of Europe shuttered stores with a knock-on effect for landlords.

Moneysupermarket reported a drop in full-year profit on Thursday as revenues, in particular in the travel segments, were hit by the Covid-19 pandemic.

Spanish group Acciona saw its shares soar 13.9% after new the company was considering a floatation of its renewable energy division. In a brief filing to the Spanish stock market regulator, Acciona said its board would discuss an initial public offering.

Shares in banking software group Temenos led the gainers, flying 17% higher, after announcing a strategic agreement with DXC Technology to accelerate digital transformation strategy for its large bank customers.