Business World

Tuesday 23 January 2018

Euro shares up on China data

By the close of trading the ISEQ Overall Index had climbed 0.4pc, or 13.7 points
By the close of trading the ISEQ Overall Index had climbed 0.4pc, or 13.7 points
Sarah McCabe

Sarah McCabe

STUBBORN Irish stocks barely budged yesterday while European share prices climbed to their highest level in almost six weeks, as Chinese economic growth matched forecasts.

The ISEQ Overall Index rose by 3.11 points, or 0.08pc, to close at 4,057.90. Some 17 of its 44 listed share prices were up, while 10 fell and 17 stayed static.

Permanent TSB saw the biggest gains of the day, up 17.9pc to 3c. It emerged last week that the European Commission will not approve the lender's restructuring plan until the end of this year as it is still awaiting updated financial information from the Government.

PTSB's gains were followed by Fastnet Oil and Gas, up 15.21pc to 25c. It was a similarly good day for media companies. UTV rose 6pc to €1.75 and INM rose 5.5pc to 7c.

Food companies also did well. Total Produce rose 1.5pc to 69c while Kerry Group jumped by 1.1pc to €46.84.

At the other end of the scale was Ovoca Gold, down 11.4pc to 11c in very light trading. Dublin-based internet and mobile technology company Zamano followed, shedding 11pc to 8c. Paddy Power slipped 2.7pc to €62.89. Late last week, a US Congressman introduced a new bill which would federally regulate online poker in the US, though it looks like this will have little material effect on global gambling giants.

In Europe, stocks climbed as a report showed China's gross domestic product expanded 7.5pc in the second quarter of 2013 compared to the same period a year earlier, hitting the government's target rate.

National benchmark indexes climbed in 13 of the 18 western-European markets. The UK's FTSE 100 and France's CAC 40 rose 0.6pc while Germany's DAX climbed 0.3pc.

The composite Stoxx Europe 600 Index rose 0.4pc at the close of trading in London, after earlier advancing as much as 0.7pc. The gauge jumped 2.7pc last week alone after US Federal Reserve Chairman Ben Bernanke backed sustained monetary stimulus for the world's largest economy.

In the UK, banks gained after Rightmove doubled its forecast for an increase in British house prices this year.

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