Wednesday 20 September 2017

Cyber defence stocks surge after attacks

Traders work on the floor of the New York Stock Exchange (NYSE)
Traders work on the floor of the New York Stock Exchange (NYSE)
Donal O'Donovan

Donal O'Donovan

After a wave of global online attacks over the weekend, companies such as FireEye, which provides software security services, gained yesterday on speculation the exposed weaknesses may trigger a surge in security spending. The $967m (€881m) PureFunds ISE Cyber Security ETF, known as HACK, jumped the most in six months.

The HACK fund has benefited before from headline-grabbing online crime. It previously had one of the most successful debuts in history after investors poured $1.4bn into the fund following a breach at Sony Pictures Entertainment.

Elsewhere, Irish builder Cairn Homes said yesterday that it will raise tens of millions of euro via a share placement, with the proceeds designed to strengthen its €1bn balance sheet and finance the acquisition of new sites.

The company will place up to 33.7m shares by way of an accelerated book build. The shares will represent up to 4.9pc of existing issued share capital.

In Dublin, the Iseq index closed up 0.22pc at 7,049.78, led higher by Ryanair, which closed up 2.47pc at €17.195 a share. It was up despite a general drop in the leisure sector after TUI reported sluggish sales in the UK, linked to the weaker pound.

US stocks advanced to fresh records as a rally in crude and dollar weakness sparked gains in commodities producers. Emerging-market assets jumped and Treasuries slipped.

The S&P 500 Index climbed to a new intraday high as energy and materials shares rose 1pc. West Texas Intermediate added 3pc after Saudi Arabia and Russia said they'd extend a production-cut deal longer than expected. The Australian and Canadian dollars, South African rand and Mexican peso were among the best-performing currencies.

Irish Independent

Also in Business