Friday 24 March 2017

Long-delayed Santa Rally arrives at last

The Dow Chemical logo is displayed on the floor of the New York Stock Exchange. Photo: Reuters
The Dow Chemical logo is displayed on the floor of the New York Stock Exchange. Photo: Reuters
Peter Flanagan

Peter Flanagan

IRISH shares rose yesterday, as investors went buying before the Christmas break.

By the close in Dublin the ISEQ Overall Index had added 1.05pc, or 70.17 points, to close at 6,766.35.

Yesterday was the last full day trading on the Dublin market. It will close at 1.15pm this afternoon and reopen on Tuesday.

The big move on the day came from IRES Reit. The biggest apartment owner in the country spiked 7.1pc to €1.24. The stock saw little activity of note for most of the day, but a series of "over the counter" trades - which are not done on the exchange - pushed the shares up sharply to their closing price.

Food-related companies enjoyed a strong session. Glanbia added 3pc to end the day at €17.34, while Aryzta enjoyed its best day since November. The speciality baker jumped 4.5pc to €46.86.

Construction giant CRH enjoyed a 2pc rise to €26.54, while Smurfit Kappa gained 0.9pc to hit €23.30.

In contrast to IRES Reit's strong day, other property-based shares endured a tough day. Hibernia Reit fell 1.8pc to €1.38, while Green Reit dipped 0.96pc to end the session on €1.54.

In London, Tullow Oil surged 10.1pc, rebounding somewhat from recent losses.

European stocks rose to a two-week high as miners and oil shares, the year's worst performers, turned into winners before the Christmas holiday.

The Stoxx 600 added 2.7pc, while the FTSE100 in London gained 2.6pc. The French Cac 40 rose 2.3pc as did Germany's Dax Index.

"The time is ready for the Santa Claus rally," said Benno Galliker, a trader at Luzerner Kantonalbank in Lucerne, Switzerland.

Irish Independent

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