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European shares rise

European shares rose early yesterday, but remained stuck in a tight range ahead of the European Central Bank's policy meeting, with investors split on whether the ECB will unveil immediate stimulus steps to stave off deflation.

Shares in luxury group Hermes slumped 6.9pc after LVMH, which has a significant stake in Hermes, agreed to distribute all its Hermes shares to its shareholders.

In Ireland, the ISEQ Overall Index was just under 1pc, or 47.27 points higher by lunchtime yesterday, at 4,874.63.

Shares in packaging giant Smurfit Kappa were trading up 1.1pc or 19 cent at €17.79.

Shares in Ryanair continued their strong gains, adding 1.6pc, or 12 cent, by lunchtime to hit €7.40.

Irish Continental shares had further upward trajectory, changing hands 1.9pc, or 6 cent, higher at €3.05.

Paddy Power was up 2.8pc at €52.73, regaining losses that it suffered last week when it said its first-half results had been hit by favourable results for punters.

Indo Business