independent

Sunday 20 April 2014

European shares hold near one-year highs

Traders work on the floor at the New York Stock Exchange

EUROPEAN shares steadied on Thursday, pausing after their biggest daily rise in three months the previous session, and with miners hit by profit-taking.

The FTSEurofirst 300 was flat at 1,186.60 points at 0714 GMT, near one-week highs.

Investors were split on whether a new record high on a leading U.S. equity index overnight was a fresh reason to buy up stocks or a signal that the global market rally had gone too far.

"Investors looking on at the U.S. may be further encouraged to put money to work in European shares based on the ongoing strength seen," Joe Neighbour, senior broker at Central Markets, said.

"We would urge caution on investing at all-time highs as the risk/reward on the trade favours the downside from here," he said.

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