European shares weakened by midsession on Wednesday after a recent winning streak, but Havas beat estimates and led the media sector higher. Shares in the advertising group rose 3 percent to its best levels in nearly 4 months as it beat expecations with a 2 percent rise in underlying revenues in 2004. Shares in UK rival WPP also put on 2 percent. Swedish security services company Securitas slumped 7 percent after reporting fourth quarter earnings below estimates and said operating margins would stay under pressure this year in its key U.S. unit. By 1145 GMT, the FTSEurofirst index of pan-European blue chips was flat at 1,089.6 points, after hitting new 31-month intra-day highs for nine days in a row. Markets have rallied nearly 5 percent so far this year compared with consensus estimates of a 10 percent rise in 2005. "We are a little bit suprised at the performance of the market as we expected the gains to be spread across the year," said Augusto Caro, portfolio manager at GesMadrid in Madrid. "People might be switching from other investments into equities. Fixed income looks a bit expensive and the performance of real estate has been excellent," he said. --More 1759 Local Time 1459 GMT
