Saturday 25 November 2017

Smurfit big mover on slow day

Peter Flanagan

Peter Flanagan

IRISH shares rose but it was a day of light volumes that seemed to suggest traders were out enjoying the sun. By the close in Dublin, the ISEQ Overall Index was up 0.72pc, or 29.07 points, at 4,051.05.

The lazy atmosphere was helped by the weak volumes during the session. The 29 million shares that changed hands were more than Monday's session, but still far below the daily average of previous weeks.

Of the major stocks, the big mover was Smurfit Kappa Group. The packaging giant rose 3.7pc to close at 13.38. The packaging firm said a refinancing deal should close this week.

Two of the three quoted banks had a reasonable day. Permanent TSB added 3.5pc after it revealed plans for increasing its personal lending, while Bank of Ireland added 1.2pc to hit 17c after the EU said the lender will be able to retain its New Ireland Assurance business after all.

C&C added 2.8pc to close at €3.95, after it was raised to "neutral" by JP Morgan, bouncing back slightly from its precipitous fall last week, while Glanbia also climbed 2.8pc, ending the day at €10.24.

Kerry Group, which formally turns the sod on its new research centre in Leixlip today, rose 1.4pc to reach €45.60.

Few stocks made significant moves on the other side of the board. Providence Resources slipped 4.5pc after the Government signed off on a farm-in at one of its licences off the Irish coast, while Aer Lingus dipped 1.1pc to €1.59.

European stocks rose to the highest level in almost a month as Alcoa started the US earnings-reporting season with results that beat analysts' estimates.

National benchmark indices advanced in 12 of the 18 western European markets. The UK's FTSE 100 added 1pc, Germany's DAX climbed 1.1pc, and France's CAC 40 gained 0.5pc. The Stoxx Europe 600 Index gained 0.8pc.

BHP Billiton and Rio Tinto climbed 2.4pc and 2.5pc respectively.

Polymetal International, which operates gold and silver mines in Russia and a gold-and-copper mine in Kazakhstan, advanced 6.7pc. Anglo American gained 3pc.

EDF rallied 9.3pc. France has authorised the utility to raise its power prices for households by 5pc next month and by another 5pc in August 2014.

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