Monday 11 December 2017

Iseq advances as Europe makes gains

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York December 29, 2015. Photo: Reuters
Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York December 29, 2015. Photo: Reuters

Paul O'Donoghue

European stocks climbed amid thin trading, trimming their worst December drop since 2002 yesterday.

In Dublin, the Iseq rose strongly, up by 94.59 points to close the day at 6,841.31 overall. The leaders included food giant Kerry Group, which saw its stock jump by almost 3pc to €76.76, and Ryanair, whose shares rose by 1.73pc to €15.28. There were only three laggards recorded on the index by the close of the day's trading: food group Fyffes, Bank of Ireland and insurance firm FDB. They all saw their shares drop by less than 1pc each to €1.49, €0.34 and €6.79 respectively.

Meanwhile, the Stoxx Europe 600 Index rose 1.4pc at the close of trading, with the volume of shares changing hands 39pc lower than the 30-day average. All industry groups gained except miners. Markets will shut on Friday for New Year's Day. Some including Germany, Switzerland and Italy, will also close on Thursday for New Year's Eve. Equities are recouping some losses in the final weeks of the year, after sliding earlier this month amid disappointing stimulus measures by the European Central Bank and a deepening rout in commodity and crude prices. A rebound in miners and energy producers since then added to the Stoxx 600's fourth straight annual advance.

The Stoxx 600 is heading for an annual advance of 7.9pc. It lost a big part of this year's gains amid concern over global growth, just as the Federal Reserve raised its interest rates for the first time in almost a decade.

After surging as much as 21pc to a record in April, the Stoxx 600 slid 12pc through yesterday. It's down 4.1pc this month. Germany's DAX Index posted the biggest gain among major western-European benchmarks, rising 1.9pc.

Additional reporting by Bloomberg

Irish Independent

Promoted Links

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Also in Business