Business Irish

Wednesday 20 November 2019

Green Reit rallies as US employment data lifts the markets data lifts markets

Bank of Ireland HQ, Baggot Street Lower, Dublin 2
Bank of Ireland HQ, Baggot Street Lower, Dublin 2
Donal O'Donovan

Donal O'Donovan

Stock markets were little changed yesterday, with the main European index at a seven-year high on news that the US recovery continues to gather pace.

In Dublin the ISEQ index remains well off boom-era levels, but closed up slightly at 6,021.

The Stoxx Europe 600 Index rose 0.1pc to 394.18. The benchmark gauge jumped as much as 0.pc after data showed US payrolls rose more than estimated in February, before paring gains.

The US jobless rate fell to an almost seven-year low. The Stoxx 600 is up for a fifth week, pushing gains this year to 15pc, as the European Central Bank committed to start massive bond purchases next week.

In Dublin, Green Reit rose sharply after it was added to a key European property index. Inclusion is likely to boost liquidity in the stock.

Green Reit shares jumped almost 6pc in Dublin at one stage to a record €1.63 each and closed up just over 3pc at €1.60 each. Shares in Independent News and Media (INM) rose sharply, up 4.32pc to 16.9 cents each.

Bank of Ireland extended recent gains to finish the week at 34.9 cents a share, after announcing profits last week.

Aer Lingus shares were unchanged at €2.33 each yesterday, as IAG's Willie Walsh sat down with unions to try to drum up support for a €2.50-a-share takeover of the Irish airline.

Explorer Fastnet Oil & Gas was among the decliners, its 48pc drop to 2.8 cents reversed recent gains. Elsewhere, Thomas Cook Group surged 25pc, the most in three years, after the UK tour operator said Fosun International will buy a 5pc stake. Banco BPI SA advanced 4.3pc after the Portugeuse lender's board advised shareholders to reject a bid by CaixaBank because the offer is too low. CaixaBank rose 4.2pc.

Irish Independent

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