LONDON, July 17 (Reuters) - European shares turned briefly negative on Friday in early afternoon trade as banking stocks retreated from earlier highs after Citigroup results.
By 1230 GMT, the pan-European FTSEurofirst 300 index of top shares was up 0.2 percent at 868.80 points, having fallen earlier to 865.82 points.
The banking sector was mixed. Credit Suisse, Banco Santander , Deutsche Bank and UBS were down 0.4-1.2 percent, while HSBC, BNP Paribas and Barclays were up 1.1-1.6 percent.
Citigroup reported a $4.3 billion second-quarter profit thanks to gains on its Smith Barney deal.
But stripping out the one-off gain from the brokerage venture, Citigroup had a loss of 26 cents a share, narrower than analysts' consensus forecast of a 31 cent loss, according to Reuters Estimates. (Reporting by Joanne Frearson)