European shares extend gains, breach technical resistance
Published 26/06/2013 | 11:09
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.
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.