Hi °C | Lo °C IT was another day of high drama at home yesterday as the Government finally got a deal on the promissory notes.
Across Europe, stocks were little changed, however, as France and Spain sold debt and ECB president Mario Draghi insisted economic recovery should begin this year.
He also left the benchmark lending rate at 0.75pc, saying the eurozone will recover because rates can be kept low due to the absence of inflation risks.
The number of shares changing hands in companies listed on the Stoxx 600 was 24pc greater than the average of the last 30 days.
In Ireland, the ISEQ Overall Index outperformed other European markets as it rose 1.15pc, or 40.40 points, to 3,557.13. That reversed the 13-point drop it made on Wednesday.
There were some significant movers, including packaging group Smurfit Kappa. It added 4.6pc, or 49 cent, to close at €11. The surge followed strong gains on Wednesday after it reported full-year results that were better than anticipated by analysts.
Shares in mining firm Kenmare Resources advanced almost 5.9pc, or 2.5 cent, to 45 cent, while drug firm Elan gained 2.8pc, or 20 cent, to €7.24. That gain followed a plunge by Elan on Wednesday after it announced plans to sell its stake in multiple sclerosis drug Tysabri for $3.25bn to its US partner.
Gain
Bank of Ireland fell 3.7pc to 13.1 cent, while Aer Lingus continued to trade at the €1.30 level Ryanair plans to offer per share of its rival in the event it can get EU clearance to buy its rival.
National benchmark indices declined in 12 of the 18 western-European markets yesterday. Germany's DAX advanced 0.1pc, while the UK's FTSE 100 fell 1.1pc. France's CAC 40 lost 1.2pc, erasing its gain for the year.
Vodafone gained 0.9pc to 171.9 pence after the world's second-biggest mobile-phone operator repeated its forecast that adjusted operating profit for the year through March will be in the upper half of a range of £11.1bn to £11.9bn. Analysts had estimated £11.6bn.
Banca Monte dei Paschi rallied 4.1pc to 24 cent. The Italian bank engulfed by investigations into its former managers will take a €730m hit to its assets after accounting for structured deals that hid earlier losses.
Sanofi declined 4pc to €66.60 after projecting that earnings per share may drop as much as 5pc this year as generic competition to its Plavix blood thinner limits revenue in the US. Analysts had predicted that earnings would slip 0.2pc.
Alcatel-Lucent climbed 4.9pc to €1.23 after its chief executive officer announced he will leave. The stock earlier rallied as much as 11pc, as CEO Ben Verwaayen stepped down, after his four-and-a-half year-long attempt to turn around the phone-equipment maker failed.
Irish Independent
