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Friday 11 July 2014

Fyffes among big gainers as European stocks advance

Thomas Molloy

Published 08/12/2012|05:00

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IRISH shares rose for the third day, along with stock exchanges elsewhere in Europe and further afield.

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The benchmark ISEQ Overall Index closed up 7.45 points, or 0.2pc, at 3347.77 points, extending the week's gains to 1.8pc. The index has now risen 21.5pc in the past 12 months.

Among the biggest gainers was Fyffes, which jumped 5.8pc to 55 cent after issuing an upbeat trading statement on the back of banana shortages. Its sister company Total Produce closed up 1.9pc at 53 cent.

Other companies to enjoy a good session included Merrion Pharmaceutical, which jumped 16.7pc to 28 cent, and Providence Resources, which rose 3.4pc to €6.75.

Among the losers were Glanbia, which fell 1.6pc to €7.81 – although the food company is still trading close to record highs – and Ryanair, which was down 1.2pc at €4.85.

Most European stocks also advanced, with the Stoxx Europe 600 Index extending an 18-month high as a better-than-expected jobs report from the US offset a cut in growth forecasts for Germany's economy.

Berkeley Group Holdings Plc climbed to its highest in more than five years after the homebuilder said its first-half profit had risen by 45pc. William Demant added 2.8pc after UBS said the maker of hearing aids would benefit from a market recovery next year.

Alcatel-Lucent SA fell 2.9pc after it had been removed from France's benchmark CAC.

The Stoxx 600 rose 0.1pc to 279.17 at the close of trading – its highest level since May of last year.

The gauge gained 1.2pc this week amid optimism that US lawmakers will reach a budget agreement to avoid the so-called 'fiscal cliff'.

National benchmark indices rose in 12 of the 18 western European markets.

France's CAC gained 0.1pc and the UK's FTSE 100 climbed 0.2pc, while Germany's DAX slipped by 0.2pc.

British housebuilder Berkeley Group advanced 4.7pc to its highest price since July 2007. Its first-half profits rose to £107.5m (€133m) from £74m (€92m) a year earlier, as it sold more homes at wider margins.

Alcatel-Lucent fell 2.9pc as the former industrial giant will be removed from the CAC 40.

In New York, Dublin-based Amarin plunged the most in 16 months after investors lost confidence that the company will soon be acquired. The maker of the cholesterol-lowering medicine Vascepa suffered its biggest intraday drop since August 2011.

Irish Independent

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