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By the close in Dublin the ISEQ Overall Index had risen 0.82pc, or 43.36 points, to 5,327.4

By the close in Dublin the ISEQ Overall Index had risen 0.82pc, or 43.36 points, to 5,327.4

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By the close in Dublin the ISEQ Overall Index had risen 0.82pc, or 43.36 points, to 5,327.4

The benchmark index of Irish shares rose by almost half of one percent yesterday as some oil explorers rose amid positive global trends for the industry.

The ISEQ closed at 4,886.42, and Petroceltic was the leader on the day in rising 4.17pc to €2.50 a share.

Oil prices rose yesterday after three straight days of losses as strong US economic data bolstered crude oil markets, but the focus remains on whether OPEC will cut enough output to end a five-month long sell-off when it meets next week.

Dragon Oil rose 2pc to to €6.64 apiece.

European stocks declined as mining companies fell after manufacturing data missed economists' estimates for the region and China.

The Stoxx Europe 600 Index dropped 0.3pc to 338.28 at the close of trading, while national equity indexes in Spain and Italy dropped the most among 18 western-European markets.

"The European economy is still fragile, and the recovery has just run into the sand a little bit," said William Hobbs, head of equity strategy at Barclays' wealth management unit.

"It feels difficult to get behind industrial metals. There's still oversupply, and it doesn't look like demand will pick up any time soon, particularly as China slows down."

The Stoxx 600 pared losses of as much as 0.9pc after US data pointed to an improving economy. The Federal Reserve Bank of Philadelphia's factory index climbed more than forecast, and sales of previously owned homes increased at a faster pace than projected.

A gauge of mining stocks slipped 1.6pc for the worst performance among 19 industry groups on the Stoxx 600. It has lost 4pc in the past three days.

(Additional reporting by Bloomberg and Reuters)

Irish Independent