Saturday 16 November 2019

Irish shares, global stocks up

Traders work on the floor of the New York Stock Exchange
Traders work on the floor of the New York Stock Exchange

Colm Kelpie

IRISH shares were up by mid-afternoon yesterday in line with some of the major global stocks.

By mid-afternoon, the ISEQ Overall Index was up 1.14pc or 56.04 points to 4980.06.

The index was up 9.63pc on the year-to-date and 26.83pc over the last 12 months.

On currencies, the pound advanced for a second day against the euro after Bank of England policymaker Martin Weale said UK interest rates should rise as the economy recovers.

Sterling approached a two-week high versus the shared currency.

The leaders on the Dublin market included Permanent TSB, which rose 11.8pc to 11 cent after its chief said it was turning a corner as it published annual results.

Bank of Ireland continued its decline, however, down 0.7pc at just over 29 cent.

Speciality baker Aryzta was up 1.5pc to €60.89 as it announced it had completed the purchase of Cloverhill bakery in the US.

The laggards included bookmakers Paddy Power, which slipped 0.6pc to €57.55. Aer Lingus was down 0.7pc by mid-afternoon to €1.64.

Elsewhere, global stocks rose as a report showed US durable-goods orders increased more than forecast. The Stoxx 600 gained 1pc.

The FTSE 100 was up 0.5pc at 1.35pm, while France's CAC 40 was up 1.2pc and Germany's DAX rose 1.5pc.

"Investors will continue to look at the economic data right now," Walter Todd, chief investment officer of Greenwood Capital Associates in Greenwood, South Carolina, said. "In the absence of any type of news overseas and no earnings besides a few retailers, the only thing to focus on is economic data."

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