Top Europe share index extends gains on tech boost

LONDON, April 23 Tue Apr 23, 2013 8:51am EDT

LONDON, April 23 (Reuters) - A leading European share index extended gains on Tuesday, buoyed by a breaching of chart resistence and led by ARM Holdings.

The latest move was also aided by a slight uptick after positive U.S. chain store data and built on earlier gains after weak German data fuelled hopes for fresh central bank action to spur growth, as well as a clutch of positive earnings reports.

The FTSEurofirst 300 index of top European shares was 2 percent higher at 1,177.71 points by 1237 GMT. The index climbed to trade above its 50-day moving average and a 50-percent Fibonacci retracement level of its recent declines.

In the United States, the International Council of Shopping Centers and Goldman Sachs released their seasonally adjusted weekly data on chain store retail sales, which showed a rise of 0.8 percent during the week ended April 20, against a drop of 1.1 percent in the previous week.

ARM continued to lead gainers, up 10 percent, after posting forecast-beating quarterly earnings.

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