Thursday 29 September 2016

Taylor Wimpey leads London higher

Published 18/05/2016 | 02:30

Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt
Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt

European shares steadied yesterday with gains in companies such as Taylor Wimpey and Vodafone following encouraging updates and a rally in mining companies offset by a weaker auto sector.

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The pan-European FTSEurofirst 300 ended little changed after earlier rising to its highest since early May. The index, which also closed flat in the previous session, is still down over 8pc this year.

Markets in London closed up, but were down in Paris and Frankfurt.

In Dublin the ISEQ closed the session up 0.11pc at 6,165. With regulation of the mortgage market in focus nationally, AIB and Bank of Ireland both fell. AIB closed down 2.61pc at €7.01 a share, BoI was off 1.26pc to 24 cents a share. But Permanent TSB, even more exposed to the sector than the so-called pillar banks, finished up 2.13pc at €1.88 a share.

In a mixed day of trading bakeries giant Aryzta closed up strongly while UK-focused housebuilder Abbey, along with oil explorers Aminex and Petroneft, saw big declines.

In London, Taylor Wimpey advanced 4.7pc after the housebuilder announced a new special payout, promising investors about £1.3bn over three years.

Vodafone rose 1.5pc after the world's second-largest mobile phone operator said its earnings growth would accelerate this year, boosted by demand for data.

"Demand for data continues to grow strongly... and Vodafone have invested heavily in infrastructure to capitalise on this," Steve Clayton, head of equity research at Hargreaves Lansdown, said.

The STOXX Europe 600 Auto index fell 2.7pc, making it the top sectoral loser. Fiat Chrysler (FCA) fell 6.7pc after Exane BNP Paribas downgrades the stock to "underperform".

Irish Independent

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