Business World

Friday 9 December 2016

European stocks rise for first time in days

Bloomberg/Colm Kelpie

Published 19/08/2016 | 02:30

In Dublin, the ISEQ increased 0.47pc
In Dublin, the ISEQ increased 0.47pc

European stocks climbed for the first time in five days, rebounding from a two-week low, on confidence that accommodative central-bank policies will help support the economy.

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By the close in Dublin, the ISEQ Overall Index increased 0.47pc, or 28.69 points, to end the trading session at 6,069.49

The leaders on the Dublin index included insulation group Kingspan, which rose 1.5pc to €22.69, while Ryanair rose 1.5pc to €12.02.

On the other side of the board, the laggards included fruit company Fyffes, which dropped 1.1pc to €1.45, while Kerry Group lost 0.3pc to €76.98.

Elsewhere, miners led the increase in the Stoxx Europe 600 Index as commodities advanced amid a weaker dollar.

Minutes from the Federal Reserve's last meeting showed on Wednesday that policy makers were divided over the timing of rate increases, but they agreed to wait for more economic data before a move.

In the European Central Bank's account of its last policy gathering, released yesterday, officials acknowledged risks related to the UK's secession from the EU, while they remained reasonably positive about the economic outlook.

Sentiment is improving after Europe's equities had their longest streak with no gains since June on concern over Fed rate increases and a strengthening of the euro.

The Stoxx 600, up 0.3pc this month amid thin trading, has been hovering around its 200-day moving average in recent days, a level that has proved difficult to hold in the past. It extended gains yesterday, after a US index of leading economic indicators climbed more than projected, while separate data indicated the nation's jobs market remains healthy.

Irish Independent

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