European shares extend rally; Gecina sags on stake sale

lunes 9 de junio de 2014 04:26 GYT
 

* FTSEurofirst 300 up 0.2 pct, Euro STOXX 50 up 0.1 pct

* Volumes low as public holiday in most of Europe

* Gecina drops as Metrovacesa sells stake

By Blaise Robinson

PARIS, June 9 (Reuters) - European shares inched higher on Monday, building on last week's rally and tracking gains on Wall Street and in Asia in the wake of reassuring U.S. jobs data.

Euro zone peripheral markets continued to outperform, pushing Madrid's IBEX up 0.5 percent and Milan's FTSE MIB up 0.3 percent, as investors bet euro zone peripheral markets are set to most benefit from measures unveiled by the European Central Bank last week.

The ECB cut interest rates, launched a series of measures to pump money into the euro zone economy and pledged to do more if needed to fight off the risk of Japan-like deflation, sparking a rally in European equities.

Euro zone peripheral markets have strongly rallied since the start of the year, with the MIB and IBEX up 18 percent and 12 percent respectively since the start of the year, outpacing UK's FTSE 100 up 1.8 percent, and Germany's DAX, up 4.6 percent over the same period.

At 0800 GMT on Monday, the FTSEurofirst 300 index of top European shares was up 0.16 percent at 1,390.97 points, while the euro zone's blue-chip Euro STOXX 50 index was up 0.1 percent at 3,296.42 points, after hitting a near-six year high earlier in the session.   Continuación...