×

European shares edge higher, cyclicals up

LONDON, Oct 1 (Reuters) - European shares edged higher on Monday, starting the new quarter with a bounce off three-week lows, as investors increased their exposure to cyclical sectors such as banks and miners.

At 0708 GMT, the FTSEurofirst 300 index of top European shares was up 0.3 percent at 1,092.18 points, after falling 1.3 percent on Friday to close the week down 2.7 percent.

The scale of the recent falls, in the face of some weak economic data, should be seen as an opportunity to buy back in, said Henk Potts, equity strategist at Barclays Wealth.

"Investors should take advantage of any weakness to increase their exposure to the equity market longer term," he said. "We still like cyclical stocks and will be focusing on sectors such as technology and energy."

Miners rose 0.4 percent, while banks were up 0.6 percent. Tech shares , meanwhile, were up 0.7 percent.

(Reporting by Atul Prakash; editing by Simon Jessop)

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

Keywords: MARKETS EUROPE STOCKS/OPEN