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European shares extend gains in technical rally

Monday, 1 Oct 2012 | 4:50 AM ET

LONDON, Oct 1 (Reuters) - European equities extended gains on Monday, starting the new quarter with a bounce off three-week lows, with investors taking advantage of price dips to increase their trading positions.

At 0845 GMT, the FTSEurofirst 300 index of top European shares was up 1 percent at 1,100.35 points after falling 1.3 percent on Friday to close the week down 2.7 percent. It rebounded from its 50-day moving average at 1,092 points, which provided a strong technical support.

(Reporting by Atul Prakash; Editing by Toni Vorobyova)

((atul.prakash@thomsonreuters.com)(+44 20 7542 6189)(Reuters Messaging: atul.prakash.thomsonreuters.com@reuters.net))

Keywords: MARKETS EUROPE STOCKS/GAINS