Business Irish

Friday 9 December 2016

Markets tread water ahead of US election

Sean Duffy

Published 09/11/2016 | 02:30

Traders work on the floor of the New York Stock Exchange (NYSE). Photo: Reuters
Traders work on the floor of the New York Stock Exchange (NYSE). Photo: Reuters

US markets were flat yesterday, with trading soft as investors waited to learn the outcome of the US presidential election.

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Monday had seen stocks gain at the fastest rates in three months as markets priced in a victory for Hillary Clinton,

Investors had been extremely jittery in the days leading up to polling day, with the possibility of a victory for Republican candidate Donald Trump unnerving Wall Street.

The NASDAQ was up 0.24pc at the beginning of trading in New York. The S&P 500 and the Dow Jones industrial index were up 0.2pc and 0.3pc respectively.

European shares were also up over the course of the day, led by Italian stocks. Italy's FTSE MIB rose 1.5pc while in Paris, the CAC rose by 0.52pc. The German DAX also posted gains of 0.52pc. London's FTSE 100 posted gains of 0.77pc.

In Dublin, the ISEQ overall index of Irish shares was up 0.95pc at 6086.88 - a rise of 57.12 points.

Ryanair's strong week continued, with the Irish carrier gaining 1.9pc yesterday. The company announced earlier this week it was raising its long-term growth forecast by 10pc. The announcement saw the company's shares spike by over 5pc on Monday. There were also gains for construction group CRH (1.8pc) and Kingspan (1.7pc).

The index was held back by mining stocks, while there were also losses for fruit distributor Fyffes (-1.7pc) and Irish food giant Kerrygroup(-1.1).

Shares in Primark owner Associated British Foods surged 6.8 pc, the top STOXX 600 gain, after the company said it expected profits to increase in the next fiscal year. It also added that earnings could ultimately benefit after Britain's vote to leave the European Union.

On currency markets, the euro was trading at £0.89 and $1.10.

Irish Independent

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