Thursday 8 December 2016

Mobile firm Zamano sends strong signal

Sean Duffy

Published 18/11/2016 | 02:30

A man looks at an electric quotation board displaying the Nikkei key index of the Tokyo Stock Exchange (TSE) in Tokyo. Photo: AFP/Getty Images
A man looks at an electric quotation board displaying the Nikkei key index of the Tokyo Stock Exchange (TSE) in Tokyo. Photo: AFP/Getty Images

The Iseq overall index of Irish shares closed up 1.38pc at 6264.63, a rise of 85.47 points

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Mobile services firm Zamano led the way with gains in excess of 8pc. There were also gains for First Derivatives (5.1pc) and fuel retailer Applegreen (3.4pc). Mining stocks also gained on Thursday. The biggest loss of the day was absorbed by insurance group FBD, its share price fell by 6.9pc. Financial services firm IFG also closed down (-4.7pc), along with Smurfit Kappa (-2.1pc)

The STOXX Europe 600 index rose more than 1pc on expectations that metals prices would remain supported following a pledge by US President-elect Donald Trump to invest heavily in infrastructure projects.

Anglo American, Rio Tinto, BHP Billiton and Antofagasta were up 1.1 to 2.2 pc.

However, gains in mining stock were capped by losses in banks.

The European banking index fell 0.7pc, the worst sectoral performer, as some investors took profits after recent strong gains.

However, the beaten-down sector - which is still down nearly 14pc so far this year despite a rally of more than 30pc since a low in July - is firmly back on the radar as a spike in bond yields on the back of improved growth expectations has brightened the case for bank profits.

Among other sharp movers, an earnings miss at Ahold Delhaize put it on course for its worst day in seven months. The US-European supermarket operator was last quoted around 3pc lower after missing expectations for third-quarter results due to weakness at its US grocery chains.

Britain's Royal Mail slumped nearly 5pc, the worst performer in both the pan-European STOXX 600 and Britain's blue-chip FTSE 100, after posting a 5pc fall in first-half profit.

Additional reporting by Reuters

Irish Independent

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