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European shares flat, hiding large moves from Adidas, G4S

Reuters - UK Focus

LONDON, March 8 (Reuters) - European shares traded flat on Wednesday in early deals, the modest move masking significant results-driven gains from German sportswear company Adidas (IOB: 0OLD.IL - news) and British security company G4S (Copenhagen: G4S.CO - news) among others, on a busy day for European earnings.

The pan-European STOXX 600 index was flat in percentage terms by 0836 GMT, as losses by EDF (Paris: FR0010242511 - news) and Boskalis weighed.

Adidas shares hit a record high, up 8.2 percent and the top STOXX gainers, after it increased sales and profit growth targets, having posted a 12.5 percent increase in 2016 sales.

The move adds more than 2 billion dollars to the company's market value. Adidas lifted its mid-term sales growth target to 10 to 12 percent.

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British security company G4S was a top European gainer, up 6.7 percent and at a 20-month high after it posted its first rise in revenue in four years, and reported a cut in leverage.

Among the fallers, French state-owned utility EDF (Swiss: EDF.SW - news) hit a fresh all-time low in early trading, extending losses down 8.3 percent, after the French government sold 231.1 million preferential shares in the firm as part of EDF's capital hike.

Dutch marine construction company Boskalis was down 7.6 percent, set for its biggest one-day loss in a year after it reported its first yearly loss in two decades on one-off charges. (Reporting by Helen Reid, editing by Kit Rees)