* FTSEurofirst 300 index falls 0.2 pct
* Energy stocks come under pressure
* Financials advance; miners track higher metals prices
* For up-to-the-minute market news, click on []
By Atul Prakash
LONDON, July 31 (Reuters) - European shares fell in choppy
trading early on Friday after hitting their highest level in
nearly nine months in the previous session, with weaker energy
stocks overshadowing positive miners and banks.
At 0823 GMT, the FTSEurofirst 300 <> index of top
European shares was down 0.2 percent at 929.08 points after
closing 2.2 percent higher on Thursday.
But the index, which slumped 45 percent in 2008, has surged
44 percent since hitting a record low in March and is on track
for the third successive week of gains. It is still down 43
percent from a peak in mid-2007.
Energy shares lost ground, with BP <BP.L>, Royal Dutch Shell
<RDSa.L>, BG Group <BG.L>, Tullow Oil <TLW.L>, Repsol <REP.MC>
and ENI <ENI.MI> shedding between 0.7 percent and 5.7 percent.
Total <TOTF.PA> fell 2.9 percent after it posted a 54
percent fall in second-quarter net income, but foreign exchange
gains helped the French oil major beat analysts' expectations.
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"The last trading session of the week may indicate how we
sail next week; and at almost year highs, traders could be
looking to take profits across the board," said Owen Ireland,
analyst at ODL Securities.
"The general mood, however, is one of sheer delight and
positivity, so it wouldn't be surprising to see markets catch
the gale and push forwards and upwards with gusto."
Across Europe, UK's FTSE 100 index <>, Germany's DAX
index <> and France's CAC 40 <> were all marginally
lower.
Markets are waiting for U.S. second-quarter GDP data due at
1230 GMT to give further direction.
Economists in a Reuters survey forecast a 1.5 percent
annualised rate of contraction compared with 5.5 percent in the
final first-quarter report.
MINERS, BANKS ADVANCE
Mining shares were in demand, supported by firm metals
prices. Copper rose 1.3 percent, zinc jumped 2 percent and
aluminium rose 0.5 percent. BHP Billiton <BLT.L>, Antofagasta
<ANTO.L>, Rio Tinto <RIO.L> and Xstrata <XTA.L> rose 0.2-2.5
percent.
Miner Anglo American <AAL.L> was up 0.1 percent. It said
underlying earnings per share for the six months to the end of
June fell to 91 cents, higher than a consensus forecast of 81
cents, from $2.90 a year ago. []
Among financial shares, HSBC <HSBA.L>, Barclays <BARC.L>,
BNP Paribas <BNPP.PA> and Societe Generale <SOGN.PA> advanced
0.4-0.9 percent.
Shares in Air France-KLM <AIRF.PA> fell 2.8 percent after
the company posted wider-than-expected quarterly losses, hit by
unprofitable fuel hedging contracts.
"The first-quarter operating loss was disappointing. But we
believe that the extent of this loss could put management in a
position of strength for negotiating with trade unions," a
trader said.
British Airways <BAY.L> rose 4.2 percent after the company
said it had cut operating costs by around 6.6 percent since last
October as it fights to slim down during the downturn.
[]
French building materials group Lafarge <LAFP.PA> slipped
4.3 percent after it reported a 45 percent fall in
second-quarter net income and cut its outlook for 2009 global
cement sales as economic conditions deteriorated. []
French tyre manufacturer Michelin <MICP.PA> was up 5.9
percent after it posted a smaller-than-expected first-half loss.
[]
(Additional reporting by Blaise Robinson in Paris, editing by
Will Waterman)
