Irish and European shares rebound after three days
Published 23/07/2014 | 02:30
IRISH shares rose yesterday in line with the major European stocks which rebounded from three days of losses.
By the close in Dublin, the ISEQ Overall Index climbed 1.22pc or 56.92 points to end the trading day at 4734.13.
The leaders on the Dublin market included Ryanair, which closed up 3pc to €6.95 amid reports it was looking at buying Cyprus Airways.
Chief executive Michael O'Leary was quoted as saying Ryanair will probably submit an expression of interest in the troubled airline which is up for sale.
Bookmakers Paddy Power was up 0.7pc to €53.41, while Bank of Ireland increased 3pc to 24 cents.
On the other side of the board, the laggards included fruit company Fyffes, which slipped 1.7pc to €1.10 and drinks company C&C which dropped 1.2pc to €4.42.
Insurance group FBD was down 1.3pc to €14.30.
Elsewhere, European stocks rose as a number of companies projected an improvement in financial results.
The Stoxx Europe 600 Index rose 1.3pc.
The gauge fell 1.5pc in the past three days amid the downing of the Malaysian jet over Ukraine and as the US and the European Union imposed further sanctions on Russia.
EU foreign ministers met in Brussels yesterday to identify more Russian people and companies to hit with sanctions and press President Putin to speed an investigation into the downing of the flight or face isolation.
National benchmark indexes rose in every western-European market except Finland and Iceland. The UK's FTSE 100 Index climbed 1.1pc, while France's CAC 40 Index rallied 1.6pc and Germany's DAX Index rose 1.2pc.
"The rebound in stocks is a reaction to the losses of the last three days," Christian Stocker, a strategist at UniCredit Bank in Munich, said.
"The most market-friendly outcome from the EU ministers' meeting is that they talk tough but don't intensify sanctions against Russia. I'm not sure stocks can hold these levels."