AIB and Ryanair help lift Irish markets
THE Iseq closed up 1.9pc at 6,006 in Dublin yesterday. AIB was up 8.82pc to €5.55 a share. Ryanair shrugged off lower profit guidance to close up more than 5pc at €12.41 a share in Dublin.
Insurer FBD ended the session up 4.41pc at €6.745 a share.
The Europe 600 Bank index rose 2.4pc, the second biggest sectoral gainer, after Bank of America-Merrill Lynch upgraded regional banks to "overweight".
Mining stocks and banks led the way in Europe, while Burberry slumped following its earnings update. The pan-European STOXX 600 index rose 1.5pc to its highest level in nearly one week.
However, the benchmark index is still down over 6pc so far this year. The market was helped by a 2.8pc rally in the STOXX Europe 600 Basic Resources index, the top sector gainer, as metals prices rose, boosted by strong credit data in top metals consumer China and a weaker dollar.
The European oil and gas index also increased 1.1pc on the currency moves and comments from some analysts that markets might not be quite as over-supplied as thought.
"The market has been trading in a sideways range for a couple of months now. However, depressed stocks and sectors have seen some rebound, with commodities stocks falling in that segment," said Gerhard Schwarz, head of equity strategy at Baader Bank in Munich.
Glencore Polymetal, Royal Dutch Shell and ENI all rose.
Danish jeweller Pandora soared 7.3pc, the top gainer in the STOXX 600 index, with traders citing a bullish survey from Swedish broker Carnegie. Burberry fell 7.2pc, despite reporting a better-than-expected rise in second-quarter retail sales. (Additional reporting Reuters)