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European markets extend gains

Friday, September 07 08:17:07

European shares extended gains today, continuing to draw support from the European Central Bank's bond buying plan unveiled the previous session and with investors betting on an improvement in U.S. jobs data due later. Sentiment also improved after German exports unexpectedly edged up in July, while China gave the green light for 60 infrastructure projects this week to give a boost to the economy. At 0707 GMT, the FTSEurofirst 300 index was up 0.3 percent at 1,107.73 points after rising to a high of 1,108.32, the highest since Aug. 21. The index climbed 2.6 percent on Thursday after the ECB agreed to launch a new and potentially unlimited bond-buying programme.

"I am positive on the market in the near term. You have got the policy response coming through, valuations are still OK and the macroeconomic backdrop isn't all that bad. These three things add to the momentum in the market," Graham Bishop, equity strategist at Exane BNP Paribas, said. Cyclical sectors such as banks, basic resources and construction, up 0.9 to 1.9 percent, were the top gainers. ( C) Reuters