Business Irish

Saturday 25 November 2017

ISEQ up with global indices boost

Providence Resources is exploring off the Irish coast
Providence Resources is exploring off the Irish coast

IRISH shares rose in line with stock markets around the world as some indices flirted with new highs.

The ISEQ closed up 23 points, or 0.5pc, at 4,464.97 points as companies such as Providence Resources and IFG added 6.1pc and 5.9pc respectively.

Permanent TSB also saw gains, closing up 2.4pc, while rival Allied Irish Banks slipped 2.7pc to 11 cent. Ryanair, which announced plans to fly to Russia for the first time, was up 2.1pc at €5.85 while rival Aer Lingus closed up 2.5pc at €1.35. International Consolidated Airlines and Air France-KLM rose with a gauge of travel stocks as oil prices fell after Iran's accord.

European stocks advanced yesterday, after posting their first weekly loss last week since October, as Iran agreed to limit its nuclear programme. PSA Peugeot Citroen gained 5.1pc after people familiar with the matter said it will appoint a new chief executive officer. Fresenius Medical surged the most in five years after US regulators scrapped a plan to cut Medicare payments next year.

The Stoxx Europe 600 Index advanced 0.4pc to 324.18 at the close in London, just 0.5 points shy of the May 2008 high reached on November 18. The benchmark gauge slipped less than 0.1pc last week, the first loss since October 4. It has surged 16pc this year as central banks around the world maintained stimulus measures.

"The negotiations with Iran have been going on for a while and now we're seeing some progress," said Veronika Pechlaner, who helps oversee about $2.3bn as an investment manager at Jersey, Channel Islands-based Ashburton.

The volume of shares changing hands in companies listed on the gauge was 21pc below its 30-day average, according to data compiled by Bloomberg.

National benchmark indexes advanced in 15 of the 18 western European markets. The UK's FTSE 100 climbed 0.3pc, while France's CAC 40 added 0.6pc. Germany's DAX jumped 0.9pc.

Italy's Banco Popolare declined 4.2pc and Unione di Banche Italiane slid 3.1pc after Societe Generale reduced its 12-month price forecast on the shares. Banca Monte dei Paschi di Siena slipped 7.5pc for the biggest decline in the Stoxx 600.

Irish Independent

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