LONDON, May 20 (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.
Travel and leisure stocks 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 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 outperformed, rising
0.6 percent after it bounced off strong support at 8,400, while
the Spanish 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.”
