LONDON, Feb 29 (Reuters) - European shares edged lower on Wednesday, after rising on the ECB’s cheap funds offering, with U.S. Federal Reserve Chairman Ben Bernanke’s testimony suggesting the bank was unlikely to engage in more easing in the near term hurt sentiment.
The FTSEurofirst 300 index of top European shares provisionally finished 0.1 percent lower at 1,075.50 points. It rose to a high of 1,084.55 points earlier in the day after banks borrowed 530 billion euros ($711.45 billion) at the European Central Bank’s (ECB) second offering of three-year funds.
“Despite the efforts that are made by the ECB with regards to the lomg-term refinancing operation and the strong U.S. GDP numbers, the market look fairly tight,” said Manoj Ladwa, senior trader at ETX Capital.
“It seems to have taken it fairly negatively. The market had been factoring decent numbers for a while now. They ran up quite strongly in the last couple of months.”
Mining shares were the top decliners, with the sector index down 1.6 percent.