European shares were flat on Thursday, hovering below a record high touched in the previous session, as a drop in technology shares offset gains in telecom and utilities, while investors assessed a mixed set of corporate earnings.

The pan-European STOXX 600 was little changed as of 0825 GMT.

The benchmark hit an all-time intraday high on Wednesday. Technology fell 1.2%, with computer chip equipment supplier ASML dragging the sector with a 3.6% decline.

Puma plunged 16.1% after the sportswear brand reported a worse-than-expected annual profit and delayed its margin target, in addition to announcing a cost-cutting programme.

Combating overall losses, the banks index gained 0.5% after Swedbank proposed a larger-than-expected hike in its annual dividend and also posted fourth-quarter operating earnings above market expectations.

STOXX 600 closes at near four-month high

Its shares rose 5.2%. Euro zone consumer confidence figures will be a key indicator in a data-light day. Moreover, Norges Bank’s policy decision, likely to result in rates left unchanged, is expected at 0900 GMT.

Among other stocks, Swedish hygiene products maker Essity fell 5.6% after the company reported fourth-quarter core earnings below market expectations.