Sunday 4 December 2016

European markets edge higher again

Published 15/11/2016 | 02:30

Traders work on the floor of the New York Stock Exchange (NYSE)
Traders work on the floor of the New York Stock Exchange (NYSE)

European stock markets rose yesterday, with much of the major action in Irish companies happening in London.

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Shares in food group Greencore - which is headquartered in Ireland but listed in London - soared 10pc after announcing a transformative $748m deal to buy US food firm Peacock. Shares in Greencore had risen as much as 13pc during the session.

Shares in diversified Irish group DCC, which is also listed in London, closed 2.8pc higher after earlier rising by as much as 7pc. It released interim results and said its full-year profit will be ahead of market expectations.

European bourses had performed more strongly earlier on Monday, but slipped back as crude oil prices fell.

Investors remain largely hopeful that US President-elect Donald Trump will make good on his pledge to invest huge amounts of money in infrastructure projects.

However, analysts said investors want specific details regarding Mr Trump's policies.

"In any election cycle, many candidates make a lot of election promises and obviously they can't deliver for a variety of reasons on all these promises," said Mohannad Aama, managing director at Beam Capital Management in New York.

Ireland's ISEQ Overall Index closed 1pc higher at 6,277.51.

Bank of Ireland again proved a driver, rising 5pc to 23 cent, after advancing more than 5pc on Friday. Davy Stockbrokers reiterated its 'outperform' rating on the stock, with a price target of 25.1 cent.

Share in CRH advanced 1.7pc to €32.50, as investors continue to bet that it will benefit from Mr Trump's election. It releases a trading update this week.

The UK's FTSE-100 closed 0.3pc higher. Germany's DAX was up 0.2pc and France's CAC-40 rose 0.4pc.

Reuters

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