LONDON (Reuters) - European shares edged to fresh five-year highs on Monday, boosted by strength in German stocks and a travel sector lifted by a surge in Ryanair (RYA.I).
Travel and leisure stocks .SXTP gained 1.1 percent, led by a 6.9 percent jump in Ryanair after it reported expectation-beating earnings for the past year, lifting its shares to a record high.
The pan-European FTSEurofirst 300 .FTEU3 closed 0.3 percent higher at 1,251.53, on a quiet day of trade with Swiss, Austrian, Danish and Norwegian stock markets shut for a holiday.
The German blue-chip DAX index .GDAXI outperformed, rising 0.6 percent after it bounced off strong support at 8,400, while the Spanish IBEX .IBEX suffered from profit taking after it breached but failed to hold above the March high.
“The 8,400 (level on the DAX) was previously resistance, and it has bounced off it today. If it breaks below there we could see more selling, but for today it was a good place to buy the dips,” Fawad Razaqzada, technical analyst at GFT, said.
“Looking at the IBEX index, however, the 8,600 level has been a resistance which it has struggled to get through, and so we’re seeing some profit taking at these levels.”
Reporting by Alistair Smout; editing by Simon Jessop