European shares rise in early trade
Friday, 28 May 2010
LONDON, May 27 (Reuters): European shares rose in early trade Thursday, tracking gains in Japan and after China denied a report it was looking to cut its holdings of euro zone sovereign debt.
At 0706 GMT, the FTSEurofirst 300 index of top European shares was up 0.8 per cent at 979.79 points, after rising 2.4 per cent in the previous session. The index is still down more than 12 per cent from a mid-April peak, on worries about Europe's debt crisis.
Banks were among the companies adding most points to the index. BNP Paribas, Barclays, Credit Agricole and Lloyds rose between 1.8 and 2.9 per cent.
"It's mostly a reaction to oversold conditions. Equities are cheap in most places, other than in the worst affected regions," said Bernard McAlinden, investment strategist at NCB Stockbrokers, in Dublin.
At 0706 GMT, the FTSEurofirst 300 index of top European shares was up 0.8 per cent at 979.79 points, after rising 2.4 per cent in the previous session. The index is still down more than 12 per cent from a mid-April peak, on worries about Europe's debt crisis.
Banks were among the companies adding most points to the index. BNP Paribas, Barclays, Credit Agricole and Lloyds rose between 1.8 and 2.9 per cent.
"It's mostly a reaction to oversold conditions. Equities are cheap in most places, other than in the worst affected regions," said Bernard McAlinden, investment strategist at NCB Stockbrokers, in Dublin.