Business Irish

Monday 15 September 2014

Shares increase in line with Europe

Published 15/07/2014 | 02:30

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IRISH shares increased yesterday as new figures showed a jump in goods exports and an increase in the trade surplus.

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Elsewhere, European stocks climbed, after the Stoxx Europe 600 Index posted its biggest weekly drop since March, as Shire and Kuehne & Nagel International gained.

By the close in Dublin, the ISEQ Overall Index was up 0.97pc or 45.02 points to end the trading day at 4702.16.

The leaders on the Dublin markets included AIB, which closed up 1.2pc to 9 cents as it announced the chairman of UK bank Co-operative will replace David Hodgkinson as chairman when he steps down in December.

Bank of Ireland also increased 0.8pc to 25 cents, while bookmakers Paddy Power was up 1.8pc to €50.

On the other side of the board, the laggards included fruit company Fyffes, which was down 1pc to €1.14 and Providence Resources dropped 0.3pc to €1.60.

In Europe, the Stoxx 600 added 0.9pc at the close of trading. The equity measure fell 3.2pc last week as investors weighed the troubles of Portuguese banks and considered valuations near their highest levels since 2009.

National benchmark indexes rose in all 18 western European markets.

France's CAC 40 gained 0.8pc, Germany's DAX added 1.2pc, and the UK.'s FTSE 100 climbed 0.8pc.

The volume of shares changing hands in Stoxx 600-listed companies was 14pc lower than the 30-day average.

"There is a moderate re-risking in the market today," said Michael Ingram, a market strategist at BGC Brokers in London.

"Stocks took a beating last week, but there seems to be a bit more confidence that it was specific rather than systemic."

Shire advanced after saying it is willing to recommend an offer from AbbVie.

Kuehne & Nagel rose the most in three months after reporting earnings that beat analyst forecasts.

(Additional reporting Bloomberg)

Colm Kelpie

Irish Independent

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