Saturday 1 October 2016

Ireland stands firm as Europe struggles

Published 02/02/2016 | 02:30

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

Irish shares rose sharply yesterday, the second day in a row of gains, as strong corporate data ensured the market here was one of the few in Europe to start the week with a gain.

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By the close in Dublin the ISEQ Overall Index had added 1.66pc, or 105 points, to close at 6,448.24.

Ryanair was the big mover among major stocks, jumping 5.9pc to 14.50. The airline's latest interim statement showed profits were far ahead of market expectations compared to a year ago.

Dalata jumped 2.3pc to €5.02. This newspaper reported that the biggest indigenous hotels firm is planning to end its Irish hotel purchases this year and concentrate on expanding into the UK.

Paddy Power rose 3.8pc to €142.75. The bookmaker saw heavy buying on its last day of trading as an independent company. It will begin trading as part of the PaddyPower-Betfair group today. More than 7m shares traded in the company yesterday - the highest on record. The merged group will qualify for the FTSE 100 Index. As a result, funds that track the index will be mandated to buy Paddy Power shares.

Kenmare Resources jumped 19.4pc even as it said it technically broke its bank covenants. In the UK though, where practically all of its trading takes place, the shares tumbled 23.4pc.

Unlike Ireland, European shares fell amid weak global economic data. The FTSE 100 slipped 0.4pc in London, while in Paris the CAC 40 gave up 0.6pc. The Dax Index in Germany shed 0.4pc. The composite Stoxx Europe 600 Index was off 0.2pc. "Investors are getting conflicting signals about global growth," said Daniel Murray at EFG Asset Management.

"It's all very confusing and it's making people nervous."

Irish Independent

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