European shares tepid as travel stocks counter gains in energy

European equities kick-started the week on a subdued note, after scaling two-year highs in the previous session, as heavy losses in travel stocks partially outweighed strong performances in the energy sector.

The pan-European STOXX 600 index was flat at 483.66 points on Monday, as of 0823 GMT. The benchmark index hit its highest level in two years and clocked the best week in three months on Friday.

Shares of Ryanair, Europe’s largest airline by passenger numbers, dropped 2.3% after the carrier trimmed its profit forecast for the year ended March.

The travel and leisure index shed 0.5%.

Countering losses, oil and gas stocks added 1.5%, as crude prices climbed after a drone attack on U.S. forces in Jordan added to worries over supply disruption in the Middle East.

Among major movers, Holcim jumped 5.1% to the top of the benchmark index after the Swiss building materials giant said it will spin off its North American operations in a New York flotation, which could value the business at $30 billion. The company also named a new CEO.

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