European bourses rise on optimism
A KEY index of world stocks climbed to record highs while the US dollar sank to a month low yesterday as investors digested the recent US interest rate increase and indications there would be no pick-up in the pace of monetary tightening.
European stock markets gained after the Dutch election victory by Prime Minister Mark Rutte, who fought off a challenge by anti-immigration, anti-European Union rival Geert Wilders.
Figures released yesterday showed that US homebuilding jumped in February as unseasonably warm weather boosted the construction of single-family houses to near 10-year high.
The figures suggested the economy remained on solid ground despite an apparent slowdown in the first quarter.
Other data showed a drop in the number of Americans filing new applications for unemployment benefits last week, pointing to a further tightening in the labour market. Ireland's ISEQ Overall Index gained 0.65pc, or 42.98 points, to end the session at 6,687.13.
Stocks that moved included Ryanair, which jumped 3.4pc to €14.61. Bank of Ireland dipped 1.2pc to 24 cent, while hotel group Dalata was 1.9pc higher at €4.56.
Shares in exploration minnow Karelian Diamond Resources were unchanged in Dublin as the results of geological data saw it extend a kimberlite body at its Finnish prospect where it recently found a large diamond.
Permanent TSB shares rose slightly to €2.49 each after analysts at Davy cut their price target to €3 from €3.12. The UK's FTSE-100 was 0.64pc higher. Germany's DAX rose 0.61pc and France's CAC-40 was up 0.56pc. Anglo American was the top European gainer after Indian billionaire Anil Agarwal said he would buy up to £2bn in the miner.