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European shares advanced for a fourth consecutive session to hit a 13-month closing high on Monday, boosted by commodity stocks, which tracked stronger crude and metal prices.
The pan-European FTSEurofirst 300 index of top shares provisionally closed up 1.4 percent at 1,033.75 points -- a level above last month's high of 1,031 points, which is roughly the 38.2 percent retracement of its slide from mid-2007.
That was a bullish technical signal, implying a further rise to the 50 percent retracement at 1,140 points. The slope of the uptrend line from the March 2009 low suggests the new target will be hit in about two months.
"The market is up quite strong, with mining and commodity stocks leading the march. The market keeps shrugging off negative figures, and as long as it does so it is likely to move higher," said Manoj Ladwa, senior trader at ETX Capital.
Miners featured among the biggest movers as a slide in the dollar boosted metal prices. Lonmin [LMI-LN Loading... ()] was up 9.2 percent after it said it planned to boost output by a fifth by 2013 as prices climb on shortages.
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Energy stocks were in demand as crude prices rose. BG Group, [BG-LN Loading... ()] BP, [BP-LN Loading... ()] Royal Dutch Shell [RDSA-LN Loading... ()] and Total were up 1.1 to 2.3 percent.
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