Business Irish

Tuesday 17 January 2017

Irish and major European stocks rise

Colm Kelpie and agencies

Published 22/04/2015 | 02:30

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

European stocks, including in Ireland, advanced yesterday as companies posted better than forecast results.

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By the close in Dublin, the ISEQ Overall Index was up 0.8pc or 51.12 points to end the trading day at 6,305.21

The leaders included Ryanair, which increased 3.3pc to €11.45 as it announced it was launching new routes.

Building materials giant CRH increased 1.2pc to €26.12, while food ingredients company Kerry Group closed up 0.2pc to €67.85.

On the other side of the board, the laggards included Smurfit Kappa, which was down 0.6pc to €28.52 and Aer Lingus, which fell 0.4pc to €2.40.

Elsewhere, the Stoxx Europe 600 Index rose 0.6pc to 409.12 at the close of trading.

The measure extended gains to as much as 1pc after Dutch Finance Minister Jeroen Dijsselbloem said some progress had been made in debt talks with Greece and a deal may still be reached by the end of the month.

Shares had earlier pared their advance as a measure of German investor confidence unexpectedly fell in April.

SAP climbed 2.3pc after reporting first-quarter sales that topped estimates as a weaker euro boosted revenue.

Actelion added 5.2pc as it increased its full-year forecast after quarterly profit beat predictions.

"A weaker euro is always helping European shares and we had some good earnings numbers from companies such as SAP, which really helps," said Benno Galliker, a trader at Luzerner Kantonalbank in Lucerne, Switzerland.

"It seems European companies are better than expected. There's a good mood in the markets after the sell-off last week."

Among other shares moving on corporate news yesterday, Publicis Groupe rose 6.2pc after posting better-than-forecast quarterly revenue aided by a weaker euro. Sky added 5pc after saying nine-month revenue increased.

Irish Independent

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