Business Irish

Monday 22 September 2014

Irish shares rise as earnings impress

Published 29/08/2014 | 02:30

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The Irish Stock Exchange logo is displayed at the entrance to the headquarters in Dublin
The Irish Stock Exchange logo is displayed at the entrance to the headquarters in Dublin

Irish shares rose after several companies reported good results but European shares fell from one-month highs as investors weighed valuations and pro-Russian rebels widened their attack on Ukraine's forces.

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In Dublin, the benchmark Iseq Overall Index advanced for a fourth day to close up 14.49 points, or 0.3pc, at 4,804.16 points. Among the gainers was Irish Continental which jumped 2.1pc to €2.88 after first-half results buoyed sentiment. In London, DCC soared 2.8pc to €35.52 after the company revealed plans to buy French petrol stations.

Among the losers was Paddy Power, which fell 2pc to €48.82 after profits fell on the back of what the company called adverse sporting results. Bank of Ireland fell 0.7pc to 30.3 cent as customers complained that the bank had once again failed to lodge salary cheques into accounts.

In Europe, the Stoxx Europe 600 Index slid 0.7pc to 341.05 at the close also as data showed that German unemployment unexpectedly rose in August. The benchmark gauge had climbed 2pc in the three days through yesterday after European Central Bank President Mario Draghi signalled policy makers are ready to add stimulus.

"The index has had a pretty nice rise over the past few weeks and investors may be taking some money off the table in case the US data doesn't meet expectations," said Ben Kumar, who helps manage $10bn at Seven Investment Management in London.

Perhaps investors also feel that the recent poor economic news in the euro zone - such as the rise in German unemployment - isn't quite bad enough to prompt action from the ECB, but isn't good enough to support a continued rally.

National benchmark indexes fell in 16 of the 18 western European markets. The UK's Ftse 100 lost 0.4pc and France's Cac 40 slid 0.7pc. Ocado slumped the most in two years after Redburn advised investors to sell shares in the UK online grocer.

Irish Independent

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