Business World

Saturday 20 September 2014

Aminex leads ISEQ higher as markets reflect 'positive mood'

Sarah Stack

Published 08/02/2014 | 02:30

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New Federal Reserve Board chairwoman Janet Yellen smiles as her husband George Akerlof applauds her after she took the oath of office. She will deliver the semi-annual monetary policy report on Tuesday.
New Federal Reserve Board chairwoman Janet Yellen smiles as her husband George Akerlof applauds her after she took the oath of office. She will deliver the semi-annual monetary policy report on Tuesday.

IRISH stocks rose in tandem with shares elsewhere as indices extended recent advances.

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The ISEQ Overall Index climbed 1.4pc, or 64.09 points, to close at 4,828.67. Shares in Dublin were led higher by exploration minnow Aminex, which jumped 14.5pc to 1.6 cent.

Other leaders by the close of trading yesterday included Spain-focused mining firm Ormonde, which rose 6.7pc as it extended recent gains after it was granted an environmental permit for its flagship Barruecopardo Tungsten Project in Salamanca. Petroneft Resources also rose 6.7pc while Kenmare was up 5.6pc.

The laggers on the day were Conroy Gold, down 20pc; Permanent tsb, down 3.4pc; and Datalex, down 2.3pc.

Elsewhere, coffee, zinc and nickel led commodity gains while the Stoxx Europe 600 Index closed up 0.7pc, taking its advance this week to 0.8pc.

"The market is in a positive mood – perhaps too positive – and forgives worse-than-expected numbers more easily," said Thomas Lehr, an investment strategist at Credit Suisse in Zurich.

European stocks advanced again yesterday to cement their biggest rally in seven weeks, as investors assessed a report that showed the US economy had created fewer new jobs last month than forecast.

The world's largest steelmaker ArcelorMittal added 1pc after it reported fourth-quarter profit that beat analysts' projections, and EMS-Chemie Holding advanced 3.8pc after posting better-than-expected profit in 2013 and saying it would pay an extraordinary dividend.

Norway's national oil company Statoil added 5.7pc after saying it would cut spending to increase cash flow.

In London, Tullow Oil dropped 3pc and the FTSE 100 Index added 14.67 points, or 0.2pc, to 6,572.95 in London.

British housebuilding firm Persimmon gained 2.9pc after a report said higher house prices would boost demand and economic growth in the UK.

"Markets may be pricing in speculation that the Federal Reserve will give tapering a miss at the next meeting," said Manish Singh, head of investments at Crossbridge Capital in London.

Stocks and treasuries also rose in the US where, on Tuesday, Janet Yellen will deliver the semi-annual monetary policy report to the House Financial Services Committee in her first appearance as the Fed chairman. (Additional reporting Bloomberg)

Irish Independent

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