Wednesday 28 September 2016

Dublin market breaks two days of losses

Published 26/02/2016 | 02:30

Markets around the world shrugged off the recent turmoil in the wider economic world.
Markets around the world shrugged off the recent turmoil in the wider economic world.

Irish shares rose yesterday, snapping a two-day losing streak, as markets shrugged off the recent turmoil in the wider economic world.

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By the close in Dublin the ISEQ Overall Index had gained 1.41pc, or 85.57 points, to close at 6,147.90.

The gain was notable but may not be sustained. The ISEQ has yet to post a three-day winning streak this year.

Bank of Ireland enjoyed a strong session, gaining 4.6pc to close at 25c. The bank earlier this week posted stronger than expected full-year results and said it expected to restart paying a dividend.

Paddy Power Betfair jumped 3.24pc to close at €133.85. The bookmaking giant has recovered sharply after tumbling following the creation of the new company after Paddy Power and Betfair merged earlier this month. The stock has now risen on eight of the last 10 sessions.

FBD Insurance jumped 3.18pc - its highest percentage climb in two months - to reach €6.45. Company peer RSA released strong results that pointed to an improving market for insurers in Ireland.

CRH added 1.16pc to reach €22.68. The building materials giant has been boosted by a strong US housing market.

Independent News & Media rose 1.3pc. The publisher of this newspaper bought four trade titles in Northern Ireland.

Most western European markets saw positive movements on Thursday. The Stoxx Europe 600 Index gained 2pc, while in London the FTSE 100 Index jumped 2.5pc. The CAC 40 in Paris added 2.2pc, while Germany's DAX Index rose 1.8pc.

"We get enough data points that suggest that hope is warranted, but also get data points that continue to raise concerns," said Eric Wiegand, a portfolio manager at the Private Client Reserve of US Bank in New York.

Irish Independent

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