Tuesday 21 November 2017

Irish banks biggest gainers in ISEQ rise

Traders work on the floor of the New York Stock Exchange (NYSE)
Traders work on the floor of the New York Stock Exchange (NYSE)

Sean Duffy

the ISEQ Index of Irish shares rose 1.13pc yesterday to 5753.03, up 64 points.

Shares in Irish banks were among stocks on the rise, with PTSB gaining 4.97pc in the most impressive climb of the day. AIB was up 2.61pc, while Bank of Ireland gained 2.16pc. Ryanair shares rose by 2.82pc to trade at €11.65.

In London, the FTSE 100 was flat as markets await Theresa May's cabinet appointments following her confirmation as UK Prime Minister today.

In good news for the global economy, the International Monetary Fund (IMF) has stated its belief that the Brexit result will have a "negligible" impact on US growth prospects.

However, estimates in the Eurozone painted a more bleak picture, with forecasters in the three biggest economies predicting that growth would suffer a slump in Q4 of this year. The forecasts predict growth of 0.4pc in Q3 followed by 0.3pc in the final quarter. In more worrying news for the EU, the IMF cut its economic forecast for Italy down, noting that Italy faced "monumental challenges" in its efforts to clean up its banking system.

However shares in the country's Unicredit gained 6.8pc after it raised €328m.

On the currency markets, the pound clawed back some ground against the Greenback, rising 1.9pc to trade at $1.3236.

The euro was trading at $1.1073 and 0.83p.

In Germany, the DAX Index rose 1.33pc while the CAC 40 in Paris was up by 1.57pc. In Spain, the Ibex 35 gained 200 points, rising by 2.42pc in the process.

On the commodities markets, crude oil rallied by 4.04pc to trade at $46.57 a barrel.

Irish Independent

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