Irish shares up as Germany boosts Europe
Published 08/05/2015 | 02:30
Irish shares increased yesterday, while German equities helped push up European stocks.
By the close in Dublin, the ISEQ Overall Index was up 0.78pc or 47 points to end the session at 6,090.26.
The leaders on the Dublin market included Ryanair, which rose 3.7pc to €11.21, while dairy group Glanbia jumped 1.4pc to €16.98.
On the other side of the board, the laggards included speciality baker Aryzta, which dropped 2.1pc to €58 and IFG Group fell 2pc to €1.93.
Elsewhere, German equities swung to gains from losses, helping erase an intraday decline in European stocks.
The Stoxx Europe 600 Index added less than 0.1pc to 388.98 at the close of trading, after plunging as much as 1.8pc.
A drop in oil and metal prices sent commodity shares tumbling, while travel companies gained. The Stoxx 600 has fallen 6.1pc from a record in April, when valuations were at the highest in at least a decade.
"There's a time for rallies to take a break," said Ralf Zimmermann, an equity strategist at Bankhaus Lampe in Dusseldorf.
"I would still expect some more downside for European stocks."
European stocks fell earlier amid a global rout in equities and bonds, with bunds sliding as investors turned against record-low yields.
Germany's DAX Index climbed 0.5pc, erasing losses of as much as 1.6pc as SAP and Volkswagen added more than 1.6pc.
The FTSE 100 Index lost 0.7pc as Britons voted in the country's most uncertain election since World War II. Greece's ASE Index climbed 3pc for a second day of gains, with National Bank of Greece and Alpha Bank up more than 6.7pc.
The country's government must show progress in debt talks with creditors or risk its banks facing tighter liquidity rules, officials familiar with the matter said. Eurozone finance ministers next meet on Monday in Brussels.