* FTSEurofirst 300 index down 0.3 percent
* Commods track crude, gold prices higher
* GlaxoSmithKline slips on Avandia criticism
By Joanne Frearson
LONDON, Feb 22 (Reuters) - European shares fell on Monday,
snapping five consecutive days of gains, led by drugmakers, with
GlaxoSmithKline <GSK.L> hit by fresh criticism on its diabetes
drug Avandia.
By 0925 GMT, the FTSEurofirst 300 <> index of leading
European shares was down 0.3 percent at 1,023.27 points. The
index which gained around 26 percent in 2009 is down 2.1 percent
this year.
Drugmakers took the most points off the index.
GlaxoSmithKline fell 1.2 percent after two U.S. drug safety
reviewers have recommended that diabetes drug Avandia be pulled
from the market.
Its peers AstraZeneca <AZN.L>, Roche <ROG.VX> and
Sanofi-Aventis <SASY.PA> were 0.4 to 0.9 percent lower.
"Asian shares have been firm and the U.S. was higher on
Friday, giving support to Europe. But, Europe does not have any
reason to run ahead given that it made good progress last week,"
said Bernard McAlinden, market strategist at NCB Stockbrokers.
"There might be some near turn relief on Greece. The market
has given it some benefit of the doubt that they will meet the
requirements, but that is far from given and the markets can be
quite fickle. I would not say Greece has gone away at all."
A German weekly magazine said Germany's finance ministry has
sketched out a plan in which countries using the euro currency
will provide aid worth between 20 billion and 25 billion euros
($27 billion to $33.7 billion) for Greece. []
[]
Across Europe, the FTSE 100 <> index was up 0.1
percent, Germany's DAX <> fell 0.2 percent and France's
CAC 40 <> lost 0.2 percent.
COMMODS GAIN
Commodity stocks were in demand as crude <CLc1> and gold
prices rose. Oil stocks BG Group <BG.L>, BP <BP.L> and Royal
Dutch Shell <RDSa.L> rose 0.4 to 0.5 percent.
Miners Antofagasta <ANTO.L>, BHP Billiton <BLT.L>, Rio Tinto
<RIO.L> and Xstrata <XTA.L> were up 0.3 to 1.6 percent.
Banking stocks were mostly higher. HSBC <HSBA.L>, BNP
Paribas <BNPP.PA>, Barclays <BARC.L> and Societe Generale
<SOGN.PA> gained 0.2 to 1.3 percent.
However, Bank of Ireland <BKIR.I> fell 6.4 percent after the
government took nearly 16 percent ownership of the lender -- its
first direct stake, in addition to Ireland's 25 percent indirect
stake. []
In individual stock movers, Philips Electronics <PHG.AS>
gained 1.3 percent after it said it has reached its target for
"green" sales three years ahead of schedule and has set new
targets for 2015. []
Telecoms gear group Alcatel-Lucent <ALUA.PA> rose 5 percent
after BofA Merrill Lynch put the firm on its list of recommended
"buys".
British distribution and outsourcing group Bunzl <BNZL.L>
was 4.1 percent higher after it posted full year pretax profit
ahead of forecasts. []
(Editing by Mike Nesbit)
