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* STOXX Europe 600 index down 0.3 pct
* Cobham plunges 20 pct after results
* Miners track weaker metals prices
By Atul Prakash
LONDON, Feb 16 (Reuters) - European equities fell onThursday after seven straight sessions of gains, with weakermetal prices weighing on miners and a poor update batteringshares in engineering group Cobham.
Companies like NN Group and Drax alsodragged the market lower after their disappointing updates.
The pan-European STOXX 600 fell 0.3 percent by 0957GMT after recent gains to a two-month high on Wednesday.Britain's commodity-heavy FTSE 100 index was down 0.4percent, while Germany's DAX dropped 0.2 percent.
Cobham led the STOXX 600 lower after slumping nearly 20percent to its lowest level in about 13 years and heading forits biggest-ever daily fall.
The sharp sell-off came after the company missed a profittarget that had already been repeatedly lowered and took acharge on a troubled contract with Boeing, capping "anincredibly turbulent and disappointing year" for the defence andaerospace group.
The company said 2017 could be even worse as it struggles tofix operational problems in difficult markets. Its shares havealready more than halved in the last 12 months.
"Investors are ditching the stock as it looks like theproblems at Cobham go further than anyone realised when all thisstarted. There is every reason to think that management’s reviewof the business may throw up further concerns and morewrite-downs," said Neil Wilson, an analyst at ETX Capital.
Miners put pressure on the broader market. The STOXX Europe600 Basic Resources index fell 0.9 percent, the biggestsectoral decliner, as copper prices fell after China's overseasinvestment weakened and sentiment waned over demand in theworld's top copper user.
Shares in Anglo American, Antofagasta andRio Tinto fell 0.5 to 2.4 percent.
Elsewhere, Dutch insurance company NN Group dropped8 percent after its fourth quarter core profit missedexpectations, while power producer Drax fell 7 percentafter saying it was reviewing its dividend policy.
However, broader market losses were partly offset bystronger airlines. Air France-KLM jumped 6 percentafter reporting better-than-expected operating profit for 2016and said it had made a "resilient" start to 2017.
Shares in International Consolidates Airlines Groupand Lufthansa rose 1.9 percent and 2.8 percentrespectively.
Mobile telecom equipment maker Ericsson advanced3.4 percent, the biggest gainer in the STOXX 600, on a mediareport saying that Cisco was open to larger acquisitions, whileIT services group Capgemini was up 2.7 percent aftersaying that it was targeting higher 2017 earnings. (Editing by Gareth Jones)
