(For a live blog on European stocks, type LIVE/ in an Eikonnews window)
* FTSE 100 flat
* Shell drops despite strong profits
* Barclays results marred by fines
By Julien Ponthus and Helen Reid
LONDON, April 26 (Reuters) - Britain's FTSE was flat onWednesday, failing to ride a timid bounce by European shares asa missed cash flow forecast from Royal Dutch Shelldisappointed investors and weighed heavily on the blue chipindex .
The FTSE was flat at 0904 GMT, slightly below thebroader European market boosted by encouraging corporate resultsat the exception of Germany's DAX, which suffered fromairline Lufthansa's weak earnings.
Despite a 42 percent rise in first-quarter profit onstronger oil price, shares in Shell, a FTSE heavyweight, fell2.9 percent as cash flows fell short of investors' strongexpectations.
"The focus for the big oils in recent months has been thereturn to free cash flow, particularly given how strong Q1(first quarter) normally is seasonally for the group," analystsat Barclays said ahead of the open, expecting a negative sharereaction.
The disappointment didn't rub off on rival BP, whichrose 0.7 percent after it announced that Helge Lund, a formerhead of Norway's Statoil would be its next chairman.
Basic materials were also a drag for the FTSE, withAntofagasta, Fresnillo and Glencoredown between 2 and 3 percent as metal prices declined.
There was also some disappointment regarding the earnings atBarclays, which despite better than expected firstquarter pretax profit, was only up 0.3 percent as fines andlegal costs from historic misconduct issues marred the biggerpicture.
On the other hand, Britain's biggest pizza delivery firmDomino's Pizza Group saw its shares rise 3.5 percentafter first-quarter sales rose 18.3 percent with strong tradingaround the New Year and Easter and online orders.(Editing by Matthew Mpoke Bigg)
BP (BP.)