Business Irish

Thursday 5 December 2019

ISEQ at highest level since April

Traders are pictured at their desks in front of the German share price index DAX board at the Frankfurt stock exchange. Reuters
Traders are pictured at their desks in front of the German share price index DAX board at the Frankfurt stock exchange. Reuters

Irish and European stocks rose yesterday, with the ISEQ hitting its highest level since April. By the close in Dublin, the ISEQ Overall Index was up 1.57pc, or 78.36 points, to end the trading day at 5078.36.

The leaders on the Dublin market included food ingredients company Kerry Group, which increased 2.8pc to €58.70, while speciality baker Aryzta was up 2.7pc to €65.19.

On the other side of the board, the laggards included Origin Enterprises, which fell 2.9pc to €8.10 and Dragon Oil, which slipped 2.1pc to €6.65.

Elsewhere, European stocks extended a two-month high, as the DAX Index rose for an 11th day after Germany's jobless rate reached a record low.

Energy stocks fell the most in eight weeks after OPEC decided to keep its oil-output target.

The Stoxx Europe 600 Index climbed 0.4pc at the close of trading. The DAX rose 0.6pc, for its longest rally since May 2013, as a report showed the number of people out of work in Germany fell more than analysts had forecast.

The unemployment rate was 6.6pc, matching the revised number for the previous month.

In London, the FTSE 100 was little changed, while France's CAC 40 was up 0.2pc and Germany's DAX increased 0.6pc.

"The Germany unemployment number is a positive sign," said Raimund Saxinger, fund manager at Frankfurt-Trust Investment GmbH.

"Maybe a fall in the jobless rate is another confirmation of this turnaround and that the economy is doing better than feared."

Energy stocks slumped 4pc, the most since the start of October, for the worst performance among 19 industry groups in the Stoxx 600.

Losses worsened after the 12 Organisation of Petroleum Exporting Countries (Opec) agreed at a meeting in Vienna not to reduce the group's current production target.

Irish Independent

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