Business Irish

Thursday 21 November 2019

European stocks climb to record high

Colm Kelpie/agencies

The biggest three-day jump since January sent European stocks to an all-time high.

By the close in Dublin, the ISEQ Overall Index was up 1.3pc or 80.66 points to end the trading day at 6,237.58.

The leaders on the Dublin market included building materials firm CRH, which closed up 3pc to €24.98, while speciality baker Aryzta rose 1.9pc to €61.10.

Ryanair increased 1.6pc to €11.28.

On the other side of the board, the packaging giant Smurfit Kappa fell 0.8pc to €29.05, while insurance group FBD closed down 1.4pc to €10.23.

Elsewhere, the Stoxx Europe 600 Index advanced 1.1pc to 409.15 at the close of trading in London.

German industrial production rose in February, the latest of economic data in the Eurozone beating forecasts.

The Stoxx 600 has rallied 19pc this year as the European Central Bank started a quantitative-easing programme.

"This year Europe is in favour because of the huge QE put in place by the ECB," said Pierre Mouton of Notz, Stucki & Cie in Geneva.

"On one side, you have the US with a good economy and a market that has already gone up a lot.

"On the other side, you have Europe with a nascent recovery and a market that has only started to perform."

Portugal's PSI 20 Index climbed 2pc, the biggest gain among 18 western-European markets. The Swiss Market Index added 1.6pc, led by Swatch Group.

Credit Suisse predicted first-quarter organic sales at European luxury-goods companies will rise 3pc. France's CAC 40 Index gained 1.4pc, closing at its highest level since January 2008. Greece's ASE Index rose 1.1pc after a source said the ECB increased the emergency aid for the nation's banks. Greece met its payment obligation to the International Monetary Fund that was due yesterday.

Irish Independent

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