Buoyant Swiss blue-chips help Europe stocks extend rally

martes 10 de junio de 2014 10:48 GYT
 

* FTSEurofirst 300 up 0.1 pct, Swiss SMI up 1.1 pct

* "Overbought" Euro STOXX 50 up 5.4 pct in 3 weeks

* Barclays recommendation upgrade lifts Novartis

By Blaise Robinson

PARIS, June 10 (Reuters) - European stocks inched up on Tuesday, extending a three-week rally, led by gains in defensive Swiss blue-chips such as pharma group Novartis, boosted by an upbeat broker note.

At 1414 GMT, the FTSEurofirst 300 index of top European shares was up 0.1 percent at 1,395.33 points, led by Novartis, up 1.9 percent, Roche, up 1.8 percent, and Nestle, up 1.1 percent.

"It's a positive sign to see defensive sectors gaining traction. Not just cyclicals are in vogue. It confirms that the bull trend is healthy and should last for a while," said Alexandre Tixier, analyst at TradingSat, in Paris.

"Resilient trading volumes are also a positive sign, with more and more retail investors getting in. The overall picture eclipses the fact that charts might show 'overbought' conditions in the short term."

The euro zone's blue-chip Euro STOXX 50 index was down 0.1 percent on Tuesday, at 3,303.71 points.   Continuación...