Interbrew was the Ascension Day hot stock, charging up to the top of the FTSE Eurotop 300 performance charts on hopes that the Belgian brewer could salvage something out of the enforced disposal of UK assets.

The excitement was sparked by the UK Appeal Court, which ruled that in giving Interbrew insufficient time to comment on an alternative plan to the enforced sale of Bass Brewers, the Competition Commission had acted unfairly.

The shares shot up to €31.10 at the opening bell and finished the session 5.6 per cent ahead at €30.75.

Utilities were active following positive comment from Morgan Stanley, which said it continued to view Eon as its top pick in Europe. The broker rates Eon a "strong buy" with a target price of €72. The stock rose 4.2 per cent to €59.27. RWE gained 3 per cent at €42.50 and Suez added 0.7 per cent at €36.14.

Credit Suisse First Boston stepped up its target price at Allianz from €365 to €380, saying that the acquisition of Dresdner Bank positions the group well for pension reform. The shares gained 1.7 per cent at €321.75 and Munich Re 2.1 per cent at €313.34. French leader Axa pushed up by 2.1 per cent at €35.50, although as a result of the Ascension Day holiday, trading volumes in Paris were minimal.

Renault moved swiftly lower after its big Nissan associate announced dull April sales trends. Domestic output at Nissan, nearly 37 per cent owned by the French motor company, fell 10.9 per cent last month while exports fell 29 per cent. Renault came off 2.2 per cent at €57.10 and the downbeat mood washed over to Peugeot, which shed 2.1 per cent at €326.

German motor stocks appeared to gain from switching within the sector. BMW added 1.3 per cent at €40.67 and DaimlerChrysler 0.7 per cent at €56.60.