Thursday 29 September 2016

Irish market rises on strong GDP growth

Published 31/07/2015 | 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

IRISH shares rose yesterday, as the country's GDP forecasts were revised up to among the highest in the western world.

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By the close in Dublin the ISEQ Overall Index had gained 0.3pc, or 21.82 points, to hit 6,449.57. That was the third session in a row that the index had posted a positive number.

Analysts had been expecting strong GDP figures but the quarterly pace of 1.4pc took most by surprise.

Petroceltic led the market, gaining 1pc to €2.20. Management at the oil and gas explorer are locked in a boardroom battle with activist investor Worldview.

Origin Enterprises added 3.3pc to close at €7.50. The firm this week sold off its stake in Valeo Foods.

On the other side of the board, FBD was the worst laggard. The insurer has been hit by numerous claims this year, hurting the company's bottom line.

Permanent TSB slid 2.3pc. The bank has been troubled by issues around its tracker mortgage book and a settlement this week with borrowers leaves the door open to more litigation in the future.

Glanbia fell back from recent highs, dropping 1.1pc to €18.59.

Elsewhere, European stocks rose, as earnings season continued in a positive direction. The Stoxx Europe 600 added 0.6pc, as did London's FTSE 100 index. Frankfurt's DAX index rose 0.4pc while the CAC 40 in Paris added 0.6pc.

National benchmark indices rose in 13 of the 17 western European markets yesterday. The Greek stock market remains closed for the moment.

Nokia jumped 7.5pc after profits at its networks business rose. Royal Dutch Shell rose 4.9pc after saying it will cut jobs and sell a stake in a Japanese refiner. Deutsche Bank gained 5.3pc after second-quarter net income more than tripled.

Irish Independent

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