Bunzl : Tech, oil slump sends European shares to two-month low
June 28, 2017 at 03:31 am EDT
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LONDON (Reuters) - A slump among technology stocks after a global cyber attack added to depressed crude prices to cast a cloud over European shares on Wednesday, sending them to their lowest in two months.
The pan-European STOXX 600 <.STOXX> hit its lowest since April 24 in early deals, down 0.7 percent, in step with euro zone stocks <.STOXXE> and blue-chips <.STOXX50E>.
Technology stocks <.SX8P> fell 1.2 percent to a two-week low, the worst performer with every stock on the index in the red, hit by jitters after a ransomware attack swept the globe, disrupting computers at banks and large companies including WPP (>> WPP Group), Moeller Maersk (>> AP Moller-Maersk) and Metro (>> Metro).
Lower oil prices weighed on oil and gas stocks <.SXEP>, with Tullow Oil (>> Tullow Oil) the biggest faller after its first-half results.
Meanwhile, positive results and acquisitions drove the handful of gainers.
Business supplies distributor Bunzl (>> Bunzl) rose 4 percent after saying a boost in recent acquisitions would help it increase first-half revenue 7 percent.
French industrial group Legrand (>> Legrand) rose 2.8 percent after saying it would buy U.S. infrastructure company Milestone.
Bunzl plc specializes in the distribution of hygiene and safety packages, products, and materials. The group also offers packaging products, restaurant items (cutlery, glassware, kitchen utensils, etc.), cleaning products (soaps, detergents, toilet paper, custodial products, polishes, washing machines, etc.), and personal protection equipment (gloves, masks, clothing, etc.).
Net sales break down by sector into food services (29.8%), grocery stores (26.1%), safety (14.8%), retail (9.6%), hygiene and cleaning (9.3%), healthcare (7%), and other (3.4%).
Net sales are distributed geographically as follows: the United Kingdom and Ireland (12%), Continental Europe (18%), North America (61.2%) and other (8.8%).
BUNZL PLC 
