Better sentiment helps shares go higher
Published 06/05/2016 | 02:30
Irish shares rose marginally yesterday, as traders capitalised on improving sentiment in the global economy.
By the close in Dublin the ISEQ Overall Index had risen 0.33pc, or 19.87 points, to close at 6,026.25. That was the index's first positive day in more than a week.
The market was driven by bellwether stocks tied to the global economy, which offset a difficult trading day for the banks.
Smurfit Kappa Group gained 1.95pc to close at €23.05.
The paper and packaging company will release first quarter results this morning at its annual general meeting.
Construction material giant CRH added 1.2pc to close at €24.76, snapping a four-day losing streak. The company, which makes up nearly a quarter of the ISEQ Index, was buoyed by stronger earnings reports in the US - a key market for CRH.
IRES Reit added 0.9pc top hit €1.11. The biggest private landlord in the country released a positive IMS after markets closed on Wednesday that showed the company was on track to hit its targets for 2016.
While one stock fell for every one that rose yesterday, most of the laggards were smaller firms. The banks endured a difficult day, with all three falling sliding in unison. Bank of Ireland dipped 2pc, AIB slid 0.6pc and Permanent TSB fell 0.6pc.
The gains in Ireland were reflected across Europe. The Stoxx Europe 600 Index rose 0.3pc, while the FTSE 100 in London was little changed. The Dax Index in Frankfurt gained 0.24pc but the CAC 40 Index in Paris slid 0.1pc.
"We're advising clients these are good opportunities to make money," said William Hobbs at Barclays Wealth Management. "The world is growing and is likely to grow a bit quicker as we go through the year."