Friday 9 December 2016

German stocks buck the European trend

Bloomberg and Colm Kelpie

Published 18/08/2015 | 02:30

Traders are pictured at their desks in front of the DAX board at the stock exchange in Frankfurt. Photo: Reuters
Traders are pictured at their desks in front of the DAX board at the stock exchange in Frankfurt. Photo: Reuters

After fluctuating between gains and losses throughout the day, European stocks ended with advances. But not those in Germany.

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By the close in Dublin, the ISEQ Index of Irish shares closed up 0.26pc, or 17.19 points, to end the trading session at 6537.80.

The leaders on the Dublin market included building materials firm CRH, which closed up 0.1pc to €27.75, while fruit company Fyffes increased 1.1pc to €1.45.

The laggards included speciality baker Aryzta, which closed down 1.3pc to €46.89, while Dalata Hotel Group dropped 1.2pc to €4.10.

The Stoxx Europe 600 Index rose 0.3pc to 387.26 at the close of trading in London, recovering from a decline of as much as 0.6pc triggered by a report that showed manufacturing in the New York region unexpectedly shrank. Volume of Stoxx 600 shares changing hands was a third lower than the 30-day average, a factor that might have contributed to the volatility.

"US data were a little softer than people had hoped and that suggests there is increasing nervousness on whether the US is strong enough to pull the global economy," said John Haynes, head of research at Investec Wealth & Investment. We're going to get fluctuations, but the US will come through the current less-wonderful patch pretty well."

European shares started the day with gains, with the Stoxx 600 rising as much as 1.1pc.

Carmakers led the rally, before sliding as the US report raised concern that the global economy isn't strong enough to withstand a Federal Reserve interest-rate increase. Germany's DAX Index lost as much as 1.5pc before ending the day down 0.4pc.

"Investors are going to look at Wednesday minutes of the most recent Fed meeting to see how they're going to react to the recent yuan devaluation and further decline in oil prices," said Patrick Spencer, equities vice chairman at Robert W Baird & Co in London.

Irish Independent

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