Business Irish

Tuesday 12 December 2017

Markets... Irish and European stocks advance

Providence Resources' GSF Arctic III rig, which was used in drilling at Barryroe, 50km from the west Cork coast
Providence Resources' GSF Arctic III rig, which was used in drilling at Barryroe, 50km from the west Cork coast

Independent.ie Newsdesk and Agencies

The ISEQ index of Irish shares rose by more than half of one percent yesterday while European stocks extended a seven-year high as negotiations on Greece continued.

In Dublin shares in Independent News & Media, which publishes this newspaper, rose 2pc as circulation figures showed the company's newspapers leading their various sectors.

Shares in Petroceltic rose almost 4pc as the war of words between the company's management and its major shareholder escalated. Kingspan shares jumped 1.72pc after another bolt-on acquisition.

On the other side of the board, Providence Resources lost more than 8.5pc to finish at 48c a share.

The Stoxx Europe 600 Index added 0.3pc to 381.41 at the close of trading. It climbed as much as 0.4pc intraday after the European Commission said Greece's request for an extension of loan facilities could pave the way for compromise.

It then traded and little changed as Germany rejected the plan.

"Markets are reacting to any news coming out of Greece within a relatively small range," said Michael Woischneck from Lampe Asset Management in Dusseldorf.

"It's likely that all sides have the best intentions to reach an agreement, but they are not finding enough common ground quite yet."

The Stoxx 600 has surged 11pc this year, even as volatility has increased after the election of the Syriza-led government in Greece.

The Greek ASE Index climbed 1.1pc, having earlier lost as much as 1.4pc and advanced as much as 4.3pc.

Among stocks moving on corporate news, Rexam rallied 5.4pc as Ball Corporation offered to buy the UK beverage-can maker for 628 pence a share.

(Additional reporting Bloomberg)

Irish Independent

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