* FTSEurofirst 300 index down 0.2 pct
* Tullow Oil, Antofagasta fall after results
* Natixis up after BPCE guarantees toxic assets
By Joanne Frearson
LONDON, Aug 26 (Reuters) - European equities dipped lower on
Wednesday, snapping four straight sessions of rises as Ifo data
from Germany failed to inspire investors, with commodity stocks
the biggest losers.
By 0845 GMT, the pan-European FTSEurofirst 300 <>
index of top shares was down 0.2 percent at 976.76 points after
rising as high as 982.07 points earlier. The index, which
plunged 45 percent in 2008, is up 17 percent this year having
surged 51 percent from a record low in March.
"It looks like the market was preparing to sell off on those
(Ifo) numbers," said an analyst, adding that the data probably
came lower than the "whisper number" some traders were
expecting.
The Munich-based think tank's business climate index, based
on a monthly poll of some 7,000 firms, rose to 90.5 from an
upwardly revised 87.4 in July. []
"I am surprised that business expectations have once again
improved so clearly," said Joerg Lueschow at WestLB.
"Nonetheless we remain somewhat sceptical as far as the
medium-term outlook is concerned and still see considerable
burdens for the German economy. It would not surprise us, if we
see weaker Ifo data towards the end of the year."
Energy stocks were lower as crude <CLc1> steadied at around
$72 a barrel after sliding 3 percent from its highest level
since last October a day ago.
Tullow Oil <TLW.L> lost 3.6 percent after it unveiled an 83
percent drop in profits on lower oil prices and production.
[]
BG Group <BG.L>, BP <BP.L>, Royal Dutch Shell <RDSa.L> and
Total <TOTF.PA> were down 0.9 to 1.5 percent.
ANTOFAGASTA FALLS
Miners were lower, with Chilean copper miner Antofagasta
<ANTO.L> down 2.3 percent after it posted lower-than-expected
earnings per share in the first half and warned prices were
likely to remain volatile in the second half. []
BHP Billiton <BLT.L>, Xstrata <XTA.L> and Rio Tinto <RIO.L>
were down 0.4 to 1.5 percent.
Banks added the most points to the index. Natixis <CNAT.PA>
soared 33.4 percent after BPCE, formed from the merger this year
of Caisse d'Epargne and Banque Populaire, said it will guarantee
roughly 35 billion euros worth of toxic assets at the investment
bank.
Royal Bank of Scotland <RBS.L>, UniCredit <CRDI.MI> and
Lloyds Banking Group <LLOY.L> were up 1.7 to 5.2 percent.
The beverage sector was higher as Heineken <HEIN.AS> gained
8.7 percent. The world's third-largest brewer reported a
better-than-expected rise in first-half operating profit, driven
by cost savings as volumes fell. []
Diageo <DGE.L>, Carlsberg <CARLb.CO> and SABMiller <SAB.L>
were up 0.7 to 2.7 percent.
Support services group Serco <SRP.L> was 5.3 percent higher
as first half profit came in ahead of forecasts and the company
predicted cash-strapped governments will look to outsource
business to preserve funds.
"The (Serco) shares trade on ... not much of a premium for a
company with double-digit organic sales growth and rising
margins. We think the story of public sector outsourcing is a
good one," Cazenove analyst Robert Plant said in a note.
Across Europe, the FTSE 100 <> index was down 0.2
percent, Germany's DAX <> was 0.3 percent lower and
France's CAC 40 <> was down 0.1 percent.
(Additional reporting Atul Prakash; editing by John
Stonestreet)
