Friday 30 September 2016

Irish shares were little changed yesterday, as gains by Ryanair were offset by falls across numerous major firms.

Published 04/11/2015 | 02:30

Traders are pictured at their desks in front of the DAX board at the stock exchange in Frankfurt. Photo: Reuters
Traders are pictured at their desks in front of the DAX board at the stock exchange in Frankfurt. Photo: Reuters

Irish shares were little changed yesterday, as gains by Ryanair were offset by falls across numerous major firms.

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By the close in Dublin the ISEQ Overall Index had gained 0.11pc, or 7.06 points, to close at 6,504.54.

Ryanair led the market, climbing 3.6pc to hit €14.44. Analysts at broker Raymond James raised the airline to "outperform" a day after it posted a 41pc jump in profits to €843m in the quarter to the end of September.

Aryzta climbed 1.4pc to €41.47, giving the speciality baker some respite from a grim year that has seen the firm lose more than 40pc of its value since March.

On the other side of the board, Smurfit Kappa slumped 3.6pc to close at €25.26. The packaging group reports interim results later this month.

Kerry Group fell 1.2pc. The company said it was operating in a "challenging" market even as its volumes rose in the year to date. Elsewhere, European equities extended a rally that has helped them recoup about half the losses from a summer rout, buoyed by gains in energy and commodity producers.

The Stoxx Europe 600 Index added 0.4pc, as did the CAC 40 in Paris. The Dax Index in Germany was unchanged, while the FTSE 100 Index gained 0.3pc.

"It's all about confidence," said Teis Knuthsen, chief investment officer at Saxo Bank's private-banking unit in Hellerup, Denmark.

"People are still cautious, but now they're slowly becoming less sceptical regarding the global economic recovery. If corporates also start to show strength in this kind of environment, that's all you need to support a year-end rally.

For now I still think we need more evidence."

Irish Independent

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