January 11, 2013 / 8:25 AM / 5 years ago

European shares edge up, led by tech sector

LONDON, Jan 11 (Reuters) - European shares edged higher on Friday, consolidating close to 2-year highs, led by gains in the tech sector.

The FTSEurofirst 300 index of top European shares rose 0.1 percent to 1,165.70 points, flirting with a high of 1,170.29 points hit in the previous session, a level not seen since March 2011.

The STOXX Europe 600 Technology sector led sectoral gainers, up 1.2 percent, helped by a near 4 percent gain for Nokia, which extended gains from the previous session when it had unveiled strong sales of its Lumia smartphones.

Data also showed continued money coming into equities from other asset classes.

Over the four business days to Jan. 8, equity mutual funds took in $6.8 billion, with equity flows exceeding bond flows, EPFR data showed, as central bank easy money policies depressed bond yields and pushed investors towards equities.

“People are starting to come back to the stock market because they don’t have any other option,” Edward Page Croft, managing director at Stockopedia.

“Equities are very overdue a rest but that shouldn’t make people through in the towel in my opinion (as) they will continue to be supported by central banks very accommodative policies.”

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below