Thursday 23 November 2017

European bourses make further gains

Traders work on the floor of the New York Stock Exchange. Photo: Reuters
Traders work on the floor of the New York Stock Exchange. Photo: Reuters

John Mulligan and wires

After staging a recovery on Monday, European stock markets continued their upward motion yesterday on hopes that Greece will seal a deal for its third bailout.

Investors' belief that Greece will pass reforms in order to get a new bailout also enabled European stocks to record a fifth day of gains, even though Greek Prime Minister Alexis Tsipras faces opposition over the austerity plan.

"There's been a lot of progress on Greece after the weekend and that is one of the reasons why traders are continuing to buy into this market," according to Thames Capital Markets strategist Nav Banwait in London.

The STOXX Europe Oil & Gas Index rose 0.8pc, with Statoil among the best performers in percentage terms on the pan-European FTSEurofirst 300 index.

The FTSEurofirst closed up 0.5pc at 1,580.34 points, the fifth day in a row in which it has risen.

At home, the ISEQ Overall Index also gained in tandem with European peers.

It ended the session 0.75pc, or 47.68 points, higher at 6,429.43.

Insurance firm FBD added 2.3pc, or 21 cent, to finish at €9.52, while Ryanair gained 1.1pc, or 14 cent, to end the day at €12.76.

That's a new 52-week high for the airline stock, and values the carrier at €17.2bn.

Betting firm Paddy Power made a small incremental gain, cementing a more than 4pc gain on Monday. It closed up 0.5pc higher at €80.71 yesterday.

The FTSE-100 closed 0.2pc higher, extending a 1.0pc rise on Monday.

Germany's DAX rose 0.28pc, while France's CAC-40 added 0.69pc. Shares in Sky jumped 4.1pc to £11.22 as Deutsche Bank upgraded the stock. The CAC 40 rose 0.69pc The DAX gained 0.28pc.

Irish Independent

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