Business World

Saturday 21 April 2018

Aminex leads Irish stocks in share re-bound

Markets report

Brian Hall
Brian Hall

European stocks rose and Spain's five-year yield dropped to the lowest since September 2005. The yen rebounded from near a six-month low while gold fell from a three-week high.

Irish stocks wadvanced in line with their European counterparts yesterday afternoon. By 2pm, the ISEQ was up 0.2pc at 4,420.04 points and heading for the fourth consecutive rise. The Stoxx Europe 600 Index had also gained 0.2pc in New York. Standard & Poor's 500 Index futures slipped 0.1pc. The five-year Spanish yield dropped five basis points to 2.55 percent after touching 2.517 percent.

Among the gainers in Dublin were explorer Aminex which jumped 11.1pc to pare recent declines. Green REIT was up 2.8pc at €1.28 while new rival Hibernian REIT was down 0.9pc at €1.07. INM was 3.4pc higher at 12 cent.

In New York, Japan's currency strengthened 0.3pc to 102.54 per dollar. Gold dropped 0.3pc.

American lawmakers unveiled a budget deal yesterday that would ease automatic spending cuts by about $63bn over two years and reduce the deficit by $20bn to $23bn. The agreement comes after a report last week showed the jobless rate fell to a five-year low and more economists predicted the Fed will cut stimulus at its meeting next week.

"The budget deal itself is at best a signal that we won't shut the government down at the start of the new year,"

Alexander Friedman, chief investment officer at UBS AG's wealth- management unit, told Anna Edwards on Bloomberg Television.

"It's a low base that we're declaring victory from. The key message for 2014 is the real economy is getting better. For investors however, it's probably not going to be the same sugar high we've seen for the last five years."

The Federal Open Market Committee may begin reducing stimulus at its meeting next week, according to 34pc of economists surveyed by Bloomberg.

Two shares advanced for every one that declined in the Stoxx 600. The gauge has advanced 13pc this year for its second year of gains.

Natixis jumped 3.7pc after Exane BNP Paribas raised its rating on the stock. FirstGroup climbed 4.3pc after the UK rail company that owns the Greyhound bus brand opposed a shareholder plan to split the company.

Royal Bank of Scotland Group Plc lost 2.5pc as Nathan Bostock resigned after two months as chief financial officer.

MasterCard climbed 4.1pc in pre-market trading after the second-biggest bank-card network increased its dividend by 83pc and announced a stock split.

 

Irish Independent

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