Elan gains as ISEQ bounces back
IRISH shares recovered some of their losses yesterday as markets drew breath across the globe following Monday's sell-off.
By the close of trading, the ISEQ Overall Index was up 0.83pc, or 24.11 points. It was a mixed day, with the index moving up for most of the session before an afternoon sell-off pulled back the gain to less than 1pc.
Elan was the leading major stock on the index, adding 4.65pc to reach €5.78.
The move followed strong interest from traders on Monday as well. Elan won approval from European regulators to allow a change to a drug's labelling in order to reference a medical condition.
Dealers continued to buy into miner Kenmare Resources a day after it released annual results that showed a narrowing loss.
The company, which has been mooted as a takeover target this year, jumped 7.34pc to 57c. The stock is up some 245pc in the past 12 months.
The airlines had a decent day, with Ryanair gaining 1.17pc after it said it was looking at introducing limited allocated seating on some flights.
Good sentiment to the low-fares airline spilled over to Aer Lingus, with the flag carrier nudging up 1.85pc to 83c.
There were few other moves of significance among major stocks. The banks all fell by one cent following the publication of the Nyberg banking report. That worked out to a 3pc fall for Allied Irish Banks and Bank of Ireland and a 5.5pc loss for Irish Life & Permanent.
European stocks rose, rebounding from the biggest drop in a month, as results from LVMH to Novartis beat analysts' estimates.
National benchmark indexes rose in all of the 18 western European markets. France's CAC 40 added 0.7pc, the UK's FTSE 100 rose 0.5pc and Germany's DAX gained 0.2pc. The Stoxx Europe 600 gained 0.5pc.
"Earnings have been of good quality," said Jerome Forneris of Banque Martin Maurel in France. "If the whole earnings season is like this, we hope the market will make that its focus. This is good news, but in a calmer environment, the market would be gaining more. The market is still timid."
LVMH advanced 5pc, pacing gains in luxury-goods shares. The company said first-quarter sales rose 17pc, topping analysts' estimates.
Burberry rallied 6pc, a record high. The UK's largest luxury retailer reported fiscal fourth-quarter sales that beat estimates. Christian Dior climbed 3.8pc.
Novartis gained 3.5pc after the drugmaker's first-quarter profit fell 6pc, staying ahead of expectations.
In London, Marks & Spencer climbed 1.5pc as Citigroup upgraded the shares to 'buy' from 'hold'.