Business Irish

Sunday 25 March 2018

Irish shares up as Grexit recedes for now

Traders work on the floor of the New York Stock Exchange. Photo: Reuters
Traders work on the floor of the New York Stock Exchange. Photo: Reuters
Peter Flanagan

Peter Flanagan

Irish shares rose yesterday, as traders started the week on a positive note.

In Dublin the ISEQ Overall Index added 0.21pc, or 13.54 points, to close at 6.494.41.

The index, which has now gained in seven of the last eight sessions, opened high and remained there for most of the day. Confidence was boosted by the reopening of the banks in Greece, and the Mediterranean country paying nearly €7bn to its creditors.

Both measures have helped push the spectre of a Grexit into the background, at least for the time being.

Dragon Oil added 2.9pc to finish on €10.24 after hitting a 52-week high of €10.47. The oil explorer is in the midst of an attempted takeover by Emirates National Oil Company.

Glanbia rose 1.98pc to finish the day on €19.42. The company's stock has been on a remarkable run of late, rising 82pc since October. It hit an all-time high of €19.55 during the day. Bank of Ireland added 1.4pc. Analysts at Deutsche Bank said the lender would reverse a pension hit it booked in April.

Markets were positive around Europe. The benchmark Euro Stoxx 600 added 0.3pc, while in London the FTSE 100 climbed 0.4pc. Frankfurt's DAX gained 0.5pc, while in Paris the CAC 40 strengthened 0.4pc.

In London, shares in Irish-led Tullow Oil slumped to their lowest level since at least 2006. The explorer said a problem at a storage unit in Ghana may lead to the company producing less oil than expected.

Barclays added 0.3pc. The UK lender was reported to be preparing to cut as many as 30,000 of its 120,000 staff.

Aveva Group jumped 27pc after Schneider Electric agreed to merge its software business with it.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business