Saturday 26 July 2014

European shares extend gains, breach technical resistance

Published 26/06/2013|11:09

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Investors sit in front of an electronic board showing stock information at a brokerage house in Zhongshan, Guangdong province, China

EUROPEAN shares extended gains in mid-morning trade on Wednesday, with the market's recovery tempting back some longer-term players and with the break of technical levels helping fuel the move.

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The EuroSTOXX 50 index of euro zone blue-chips rose as high as 2,583.39 points, powering through resistance around 2,578.78 - the 23.6pc Fibonacci retracement of its May 23-June 24 fall.

The pan-European FTSEurofirst 300, meanwhile, was up 1.1pc at 1,142.49 points by 0826 GMT, on track for a second session of solid gains.

"Yesterday, we saw the long-only funds come back into equities and we are seeing a bit more of that this morning," said Martin Tormey, head of equity trading at Goodbody Stockbrokers.


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