Irish market moves higher but FBD tumbles as ceo departs
IRISH shares rose yesterday, as traders ended the week buoyed by strong earnings across Europe and among Irish companies.
By the close in Dublin the ISEQ Overall Index had added 0.98pc, or 63.20 points, to close at 6.512.77.
That marked the fourth day in a row the market had closed in positive territory. The index has added more than 7pc since July 8.
Permanent TSB climbed 6.5pc to €5.27. The troubled lender made a settlement to customers who wrongly had their homes repossessed, but there is still scope for further action. Bank of Ireland gained 1.3pc to hit 38c. The bank saw an 80pc increase in half year profits and reduced impairments on its loan book.
Kerry Group jumped 2.5pc. The food and ingredients giant is forecast to report strong half year results next week.
While more than twice as many stocks rose as fell yesterday, the big move came on the negative side of the board.
Insurance firm FBD parted ways with chief executive Andrew Langford. He will be replaced on a temporary basis by chief financial officer Fiona Muldoon.
The move appeared to compound FBD's difficulties, with the shares plunging 10.8pc to €7.65 within minutes of news of the change crossing the wire. The stock has tumbled more than 60pc in the last 12 months.
Elsewhere, European stocks were little changed, but it was enough for them to end July with their biggest monthly rally since February.
The Stoxx Europe 600 Index rose less than 0.1pc but has added 4pc in July overall.
The FTSE 100 in London gained 0.4pc, while the CAC 40 in Paris jumped 0.7pc. The Dax in Frankfurt increased 0.5pc on the day.
Earnings season has exceeded expectations overall with strong numbers coming from major firms including Deutsche Bank and Peugeot Citroen.
Intercontinental Hotels fell 1.6pc after denying merger talks with Starwood Hotels. Airbus soared 3.5pc after posting strong earnings.