Tuesday 25 July 2017

Earnings growth boosts First Derivatives

Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt
Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt

Sean Duffy

Shares in financial advisory firm First Derivatives closed up almost 3pc after it posted strong earnings growth.

The company announced an increase in revenue of 34pc to bring overall earnings to €80.6m for the six months to August.

State-owned AIB climbed to €6, gaining over 13pc in yesterday's trading. The stock dipped below the €6 mark for the first time last week.

Ryanair shares also posted gains of 1.5pc.

Shares in Irish food company Glanbia were down by 5.6pc as investors showed concern ahead of the firm's Q3 interim statement which is due on Wednesday.

Overall in Dublin yesterday, the ISEQ index of Irish shares closed down 0.79pc at 5866.34 - a loss of 46.43 points.

In London, Standard Chartered chief executive Bill Winters branded its income and profit unacceptable as below-forecast third-quarter results and confirmation of a Hong Kong investigation underlined the challenges his overhaul faces but said the ongoing impact on revenue would be limited.

In Europe, veteran Italian banker and former industry minister Corrado Passera withdrew his rescue plan for Banca Monte dei Paschi di Siena, accusing the bank of obstruction and ignoring the interests of its own shareholders.

"Ours was a serious proposal to turn around and relaunch the bank that would have given a key role to current shareholders. We were denied the minimum conditions for proceeding," Passera said in a letter to the bank which was released to media.

On European markets, the German DAX fell by 2pc, the CAC closed down 1.8pc in Paris, while London's FTSE-100 dropped 1.4pc.

Additional reporting by Reuters

Irish Independent

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