September 24, 2010 / 11:14 AM / 10 years ago

STOCKS NEWS EUROPE-Bunzl up; technical factors support

Shares in Bunzl (BNZL.L) add 0.4 percent, bucking a weaker UK’s blue chip trend, with Galvan Research spotlighting technical factors as a support for the paper & packaging group.

“Bunzl shares have formed a likely bull flag continuation pattern above the former July intraday high of 738 pence. The likelihood is that while above the 20-day moving average at 749 pence the upside for the stock will be as high as the 2010 intraday high of 784 pence,” Andrew Gibson, head of research at Galvan, says.

“Bunzl shares are a firm buy in the wake of the improvement in the key North American market. This alone should be enough to carry the fundamentals and the share price to new highs later this year,” he says.

Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net

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