* 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 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.
"A lot of indexes have crossed above key resistance levels
last week, and the positive trend continues," Saxo Banque trader
Pierre Martin said.
"Overall, it's a great scenario for equities: very low
interest rates, very low inflation, and the U.S. and European
economies in recovery mode."
Trading volumes were expected to be thin on Monday in Europe
due to a public holiday in a number of countries including
Germany and France, but equity markets will be open across the
region, apart from a few countries including Switzerland,
Austria and Greece.
Shares in France's Gecina dropped 3.2 percent
after Spanish builder Metrovacesa said it agreed to sell its 27
percent stake in the firm at a discount.
"Considering that the deal seems to be at the same price
level as several months ago, and that it is not an attractive
price for Metrovacesa, it is likely that the Spanish company is
in a hurry to get fresh cash for its refinancing," Societe
Generale analysts wrote in a note.
Europe bourses in 2014: link.reuters.com/pap87v
Asset performance in 2014: link.reuters.com/gap87v
Today's European research round-up
(Editing by Toby Chopra)