Sunday 23 July 2017

Dragon Oil leads Irish shares higher

The pan-European FTSEurofirst 300 index rose 0.7pc to 1,583.52 points. In Dublin, the ISEQ closed up 119 points at 6,632.01, Germany's DAX advanced 1.2pc and France's CAC 0.8pc
The pan-European FTSEurofirst 300 index rose 0.7pc to 1,583.52 points. In Dublin, the ISEQ closed up 119 points at 6,632.01, Germany's DAX advanced 1.2pc and France's CAC 0.8pc
Donal O'Donovan

Donal O'Donovan

European shares rose yesterday, shrugging off a slump on the Greek stock market when it reopened after a five-week shutdown, as strong results from Heineken and banks supported the broader market.

The pan-European FTSEurofirst 300 index rose 0.7pc to 1,583.52 points. In Dublin, the ISEQ closed up 119 points at 6,632.01, Germany's DAX advanced 1.2pc and France's CAC 0.8pc.

However, after reopening for the first time since June, Athens' benchmark ATG equity index dropped by about 16pc, with banks especially hard hit.

In Dublin Dragon Oil shares surged up 11.22pc to €11.50 each in the first day of trading after main shareholder Emirates National Oil Company increased its offer to buy the 46pc stake it does already own in the business.

Petroceltic shares fell almost 9pc to 84 cents each, after the company parked a planned $175m bond deal. The company has been under pressure from 29pc shareholder Worldview not to raise the debt, but blamed market conditions for the decision.

Permanent TSB shares fell 3.85pc to €5.07 each yesterday, after rising on Friday. The lender last week set aside €119m to cover legacy costs including the fall out from a mortgage overcharging scandal.

Shares in Independent News & Media (INM), which owns this newspaper, closed up 2.65pc at 19.4 cents each yesterday following weekend reports it could resume dividend payments for the first time since the crash.

Elswhere, Heineken shares rose 5.6pc after the drinks company's second-quarter results beat expectations. Commerzbank advanced 2.3pc after the German lender reported higher profits.

Irish Independent

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