Monday 25 September 2017

European stocks up despite terror attack

Traders on the floor of the New York Stock Exchange
Traders on the floor of the New York Stock Exchange

Nokia shares jumped more than 6pc yesterday to their highest in more than a year, joined by a rise in banking stocks which helped European stock markets edge higher.

The pan-European STOXX 600 index ended up 0.2pc, gaining pace after a sluggish opening as banking stocks headed higher.

European tech firms were standout performers, with the sector up 1.4pc. Nokia shares jumped following the settlement of a patent dispute with Apple.

Positive economic data also supported sentiment, with PMI surveys for May showing businesses across the eurozone kept up April's impressive growth rate.

"It's a kind of risk-on environment, and Europe's benefits - relatively low currency, a relatively attractive valuation against the United States and many other regions, and of course being a developed market - should enable it to continue to outperform," said Ken Odeluga, market analyst at City Index.

In Ireland, the ISEQ Overall Index nudged 0.3pc higher to 6,949.30.

Shares in Hibernia REIT advanced 1.7pc to €1.30 as it said it's planning to raise its dividend by 47pc.

Bulmers owner C&C rose 1.8pc to €3.47 as an investment firm controlled by billionaire US activist investor Charles Brandes boosted its stake in Bulmers maker C&C to more than 9pc.

In the UK, shares in Irish food group Greencore soared 7.2pc to £2.44 as it released strong first-half results.

Shares in UDG Healthcare were 2.9pc higher as it also posted strong first-half results. The UK's FTSE-100 slipped 0.15pc. Germany's DAX rose 0.3pc and France's CAC-40 was 0.47pc higher. Upgrades helped the top STOXX gainers.

Reuters

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