Business Irish

Wednesday 17 January 2018

Irish shares rise in line with the rest of Europe

The leaders on the Dublin market included Aer Lingus.
The leaders on the Dublin market included Aer Lingus.
Colm Kelpie

Colm Kelpie

Irish shares rose yesterday in line with the major European stocks as investors weighed better-than-forecast manufacturing data in China and the US.

Data from the Department of Finance also showed that reliance on ECB funds by Irish banks was now at its lowest since the bank guarantee of September 2008.

By the close in Dublin, the ISEQ Overall Index was up 0.56pc or 26.77 points to end the trading day at 4842.98.

The leaders on the Dublin market included Aer Lingus, which rose 3.4pc to close at €1.47.

Speciality baker Aryzta rose 1.6pc to €67.80, while shipping and transport group Irish Continental was up 1.2pc to €28.14.

Bank of Ireland was up 2pc to 27 cents as the Department of Finance said the level of borrowing from the European Central Bank by banks in Ireland fell significantly during April.

It was down €2.1bn, or 6.2pc, to €31.4bn, the lowest level since the bank guarantee was introduced in September 2008.

On the other side of the board, the laggards included fruit company Fyffes, which fell 1.5pc to €1.10, while bookmakers Paddy Power was down 0.5pc to €52.24.

CPL Resources fell 1.8pc to €7.02.

Elsewhere, the Stoxx Europe 600 Index rose 0.2pc, with about two stocks advancing for every one that fell.

The benchmark gauge reached a six-year high on May 13, as mergers-and-acquisitions activity increased and European Central Bank President Mario Draghi said policy makers are ready to ease monetary policy next month if necessary.

National benchmark indexes advanced in every western European market except Spain and Italy.

The UK's FTSE 100 added 0.1pc, Germany's DAX gained 0.3pc and France's CAC 40 rose 0.3pc.

Irish Independent

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