Business Irish

Saturday 21 April 2018

Dublin market gains after Bank of Ireland rally on full-year profit

Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange. Reuters
Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange. Reuters

Irish shares climbed along with most European peers as a range of companies reported better-than-expected results, including Bank of Ireland at home as well as European aviation giant Airbus.

Bank of Ireland shares surged more than 8pc at one stage, and closed up 7.6pc on the day at an even 34 cents each after annual profits surprised on the upside.

Irish insurer FBD was also up, rising 1.7pc to €12.21 a share ahead of its results due next week.

The ISEQ index of Irish shares closed up 1.7pc yesterday 5,977. The Stoxx 600 Index of leading European shares rose 0.4pc to 392.21 by the close of trading.

Airbus shares rose 7.2pc after the European aerospace company reported a 15pc hike in annual profit after increasing commercial plane deliveries.

Airbus also said it would boost monthly production of its A320 single-aisle aircraft to 50 a month by 2017.

Back home, Fyffes fell 1.5pc to €1.175 a share after it annouced results but warned it will look to raise prices across all markets to mitigate currency movements.

Takeover target Aer Lingus closed more or less flat at €2.255 a share as IAG confirmed it is still in the hunt to buy the Irish airline.

The company has bid €2.50 a share.

Shares in IAG itself were up 3.7pc after the parent of British Airways said full-year earnings had surged 81pc, helped by a turnaround at Iberia and strong demand on North American routes. In Greece, the ASE Index slid 2.7pc, an unsurprising worst performer among western European markets.

Banks led the Greek declines, with Piraeus Bank and Eurobank Ergasias each falling more than 8pc on Friday.

RBS fell 5pc as reports emerged that it had suspended a banker as part of a global investigation into currency-rigging allegations.

Irish Independent

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