Business World

Thursday 20 October 2016

Global stocks make gains on back of stronger US economic data


Published 17/10/2015 | 02:30

Surge: Ryanair shares up 2.6pc
Surge: Ryanair shares up 2.6pc

Global stockmarkets rallied yesterday, setting aside concerns over China as stronger US economic data helped allay fears about global growth.

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Signs of a slowdown in China had knocked back world stock markets in the third quarter.

In Ireland, the ISEQ Overall Index ended the week up 0.85pc, or 52.85 points, at 6,287.26.

Among shares moving yesterday were those in Bank of Ireland. They edged up 0.3pc to 35.7 cent, but yielded ground they had gained earlier in the day. They had been over 1pc higher.

Shares in Ryanair surged adding 2.6pc, or 34 cent, to hit €13.35, while Smurfit Kappa added 1.2pc, or 28 cent, to €23.98.

Kerry Group made modest gains again yesterday, rising 0.7pc to €68.80 after revealing over $700m worth of acquisitions in the US this week.

Shares in DCC also rose sharply in London, climbing 4.4pc in London to £52. The company also said yesterday that the planned sale of its Fannin Compounding unit to Baxter won't be impacted by a contamination issue at a Fannin unit in Dublin.

In the UK, the FTSE-100 added 0.6pc, while Germany's DAX rose 0.39pc and France's CAC-40 gained 0.59pc.

Shares in drugmaker Shire rose 3.2pc, which traders attributed to speculation it was preparing a bid for US peer Radius Health, seen as a potentially good deal for the British group. Shire declined to comment on the situation.

Burberry was among the worst-performing stocks on the FTSE, falling 1.9pc to extend the previous session's slide, as a profit warning late on Thursday from Hugo Boss hit luxury goods companies.

Hugo Boss cut its 2015 sales and profit outlook, while price target cuts from brokers on Burberry's shares yesterday added further pressure to the British company.

Irish Independent

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