Equities across Europe suffer aftershocks

Eurostoxx 50: 2,932.33(-42.25) Frankfurt DAX: 7,102.91 (-101.95) Paris CAC: 3,976.60(-164.44):EUROPEAN STOCKS fell the most in four weeks as Tokyo Electric Power said its earthquake-hit nuclear power plant may release more radiation than Chernobyl and Alcoa posted sales that missed analysts' estimates.

BHP Billiton, the world’s largest mining company, led mining stocks lower as metal prices fell. Royal Dutch Shell and BP dropped as a gauge of European oil companies sank the most in 11 months.

National benchmark indexes fell in all of the western European markets, except Greece.

Alcoa, the largest US aluminium producer, reported first-quarter revenue of $5.96 billion, missing the average estimate of $6.06 billion from eight analysts surveyed by Bloomberg.

BHP declined to 2,544 pence and Rio Tinto slipped to 4,403p. Copper producer Kazakhmys tumbled to 1,419p while Eurasian Natural Resources sank to 929.5 pence. Fresnillo, the world’s largest primary silver producer, fell to 1,576p.

Delta Lloyd plunged 7.6 per cent to €17.54 after Aviva, Britain’s second-biggest insurer, said it planned to sell a 15 per cent stake in the Dutch insurance company. Aviva lost 2 per cent to 443.7p.

Renault, France’s second-largest car maker by sales, tumbled 3.2 per cent to €37.75 after the company accepted the resignation of chief operating officer Patrick Pelata. SGL Carbon slid 4.8 per cent to €37.50, the largest retreat since June. HSBC Holdings cut the stock to “underweight” from “neutral”.

Makers of semiconductors fell back after Micrel, a US chipmaker, said its first-quarter profit missed the company’s earlier forecast and the average analyst estimate.

STMicroelectronics, Europe’s biggest chipmaker, dropped 3.9 per cent to €8.25 and Infineon Technologies, the region’s second-largest, lost 4.7 per cent to €7.01.

Banca Monte dei Paschi di Siena gained 1.8 per cent to 96.2 cents after the lender said it planned to distribute more than €2 billion in dividends over the next five years. Italy’s third-biggest bank said it also planned to raise as much as €2.47 billion by selling new shares and repurchasing hybrid securities to strengthen its finances before repaying government aid.

National Express Group climbed 4.5 per cent to 250.1p. – (Bloomberg)