Business Irish

Saturday 3 December 2016

ISEQ posts biggest gain in a month

Patrick Edwards

Published 08/04/2015 | 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

Shares in Dublin and elsewhere in Europe enjoyed a good day, as markets reopened after the Easter holiday, amid investor confidence that central banks will continue to support economies.

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The benchmark ISEQ closed up 107.34 points, or 1.8pc, at 6,132.93 points. Among the biggest gainers were Permanent TSB which rose 7.9pc to 6.7 cent ahead of today's annual shareholder meeting.

Heavyweight Smurfit Kappa jumped 5.4pc to 28.75 after 2.3m shares changed hands. The biggest loser was UTV which slumped 10.4pc in Dublin to €2.23 but the decline did not appear to be serious; the shares rose 2.1pc to £1.73 in London.

Elsewhere, the Stoxx Europe 600 Index rose 1.6pc to 404.34 at the close of trading. The equity benchmark has jumped 18pc this year to within 0.3pc of its 2000 record, amid optimism that ECB stimulus will revive the region's economy and the Federal Reserve won't rush to raise rates.

Figures yesterday showed a gauge of new orders recorded by manufacturers and service providers in the euro area in March rose to the highest level since 2011, London-based Markit Economics said. Employment increased at the fastest pace in more than three-and-a-half years.

A measure of energy shares rose the most since October 2011, for the biggest gain of the 19 industry groups on the Stoxx 600, as crude oil advanced. Seadrill jumped 15pc and Tullow Oil climbed 5.5pc. Commodity producers also advanced, with Glencore adding 3.5pc and Anglo American rising 2.9pc.

Among stocks moving on corporate news, TNT Express soared 28pc after agreeing to a €4.4bn takeover offer from FedEx. PostNL, which holds about a 15pc stake in TNT, jumped 12pc. International Consolidated Airlines fell 1.2pc after JPMorgan downgraded the airline.

Irish Independent

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