European shares consolidate ECB-fuelled gains

martes 26 de agosto de 2014 07:11 GYT

* FTSEurofirst 300, Euro STOXX 50 up 0.1 pct

* Steelmakers boosted by UBS upgrade

By Francesco Canepa

LONDON, Aug 26 (Reuters) - Euro zone shares steadied on Tuesday after their biggest daily rise in narly five months on the previous day, which had been fuelled by prospects of further stimulus measures from the European Central Bank (ECB).

Steelmakers ArcelorMittal, Salzgitter and Voestalpine outperformed broadly flat European bourses as analysts at UBS upgraded their shares to "buy" from "sell" in expectation that the trio will benefit from a turnaround in the sector.

Their stocks rose by between 2.3 percent and 5 percent.

At 1042 GMT the FTSEurofirst 300 index of top European shares was up 0.1 percent at 1,368.37 points. The UK market, shut on Monday for a public holiday, gained ground, with the FTSE 100 index up 0.3 percent.

The euro zone's blue-chip Euro STOXX 50 index was up 0.1 percent at 3,166.96 points after surging 2.2 percent on Monday, its biggest rise since early March, boosted by comments from ECB President Mario Draghi.

"Stocks are taking a breather following yesterday's acceleration. (But) the mood remains quite positive after Draghi's comments, which confirmed that the ECB is determined to fight deflation," Saxo Bank trader Pierre Martin said.   Continuación...