Business Irish

Sunday 23 October 2016

Irish shares increase and the major European stocks rebound

Colm Kelpie and agencies

Published 25/04/2015 | 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

Irish shares increased yesterday and the major European stocks rebounded, extending their weekly gains.

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By the close in Dublin, the ISEQ Overall Index increased 0.53pc or 33.37 points to end the trading day at 6,298.36

The leaders on the Dublin market included building materials group CRH, which increased 2.9pc to €26.55 as CRH's Bid for Holcim-Lafarge assets were cleared unconditionally by Europe.

Packaging giant Smurfit Kappa was up 0.9pc to €28.35, while food ingredients company Kerry Group rose 0.5pc to €67.70.

On the other side of the board, the laggards included Ryanair, which slipped 1.1pc to €11.23, while Aer Lingus dropped 1.9pc to €2.38.

Elsewhere, the Stoxx 600 rose 0.3pc to 408.42 at the close of trading, for a weekly gain of 1.2pc. Shares advanced as much as 0.7pc earlier after a gauge of German business confidence jumped to a 10-month high in April, beating forecasts.

Stocks fell on Thursday as data showed Eurozone output grew at a slower pace in April, and technology shares slid.

HSBC climbed 2.9pc after saying that it has started a review into moving its headquarters from the UK. Renault added 3.7pc after reporting quarterly sales rose 14pc.

Glencore, BHP Billiton and Rio Tinto led commodity producers to the biggest gain of the 19 industry groups on the Stoxx Europe 600 Index as iron ore advanced into a bull market.

AstraZeneca declined 1.7pc after posting lower first-quarter earnings. Greece's ASE Index gained 3.4pc, posting its biggest weekly advance in more than two months, even as Jeroen Dijsselbloem, the Dutch chairman of the Eurozone finance chiefs' group, ruled out making a partial aid payment to the nation in exchange for a narrower programme of reforms.

At a stormy meeting in Latvia, Greek Finance Minister Yanis Varoufakis was heavily criticised.

Irish Independent

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