* STOXX Europe 600 index down 0.4 pct
* Cobham plunges 20 pct after profit miss
* Miners track weaker copper prices
* Air France rallies after strong update (Adds details, closing 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 0.4 percent afterrecent gains to a two-month high on Wednesday.
Cobham led the STOXX 600 lower after slumping 15.3 to itslowest level since August 2005.
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 0.2 to 2 percent.
Elsewhere, Dutch insurance company NN Group dropped7.6 percent after its fourth quarter core profit missedexpectations, while power producer Drax fell 5.3 percentafter saying it was reviewing its dividend policy.
However, broader market losses were partly offset bystronger airlines. Air France-KLM jumped 12.6 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 0.6 percent and 2.2 percentrespectively.
Shares in German fashion house Hugo Boss rose 6.6percent, the biggest gainer in the STOXX 600, after a reportthat the holding company of Belgium's richest man, Albert Frere,has taken a stake of nearly 3 percent and wants to increase itfurther.
Mobile telecom equipment maker Ericsson advanced4.4 percent on a media report saying that Cisco was open tolarger acquisitions, while IT services group Capgeminiadded 3 percent after saying that it was targeting higher 2017earnings. (Additional reporting by Danilo Masoni; Editing by GarethJones)
