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Food sector results boost shares

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Aer Lingus had a strong session, climbing 4.76pc to 88c as it recovered from indifferent annual results earlier in the week. Photo: Getty Images

Aer Lingus had a strong session, climbing 4.76pc to 88c as it recovered from indifferent annual results earlier in the week. Photo: Getty Images

Aer Lingus had a strong session, climbing 4.76pc to 88c as it recovered from indifferent annual results earlier in the week. Photo: Getty Images

IRISH shares rose yesterday, as good data from around Europe and more decent results from the food sector boosted sentiment.

By the close of trading the ISEQ Overall Index had added 0.95pc, or 30.32 points, to close at 3,238.64.

The index fell early but quickly rebounded to rise steadily in the afternoon.

Aer Lingus had a strong session, climbing 4.76pc to 88c as it recovered from indifferent annual results earlier in the week.

Fruit company Fyffes climbed 2.44pc to 42c. The firm reported strong annual results and boosted its dividend.

Providence Resources surged 1.68pc to €4.42, maintaining its surge this week after reporting strong results from its Barryroe Field off the coast of Cork.

Kerry Group and Glanbia climbed yet again. Kerry jumped 1.08pc to €32.34 as the business continued to fly. Chief executive Stan McCarthy reported annual profits of more than €500m a week ago.

Glanbia continued to add value, finishing up 3.48pc at €5.79.

Elsewhere, European stocks rose, extending the Stoxx Europe 600 Index's best start to a year since 1998, as Spanish and French borrowing costs dropped and a report showed initial jobless claims fell to a four-year low in the US.

Debt

National benchmark indices climbed in all of the 18 western-European markets, except Norway. Germany's DAX Index rose 1.3pc. France's CAC 40 Index gained 1.4pc.

The UK's FTSE 100 Index added 1pc, as did the benchmark Stoxx Europe 600 Index.

Spain and France sold €12.5bn of bonds as yesterday's European Central Bank loans to banks helped spur demand for debt. The rate on Italy's two-year notes dropped below 2pc for the first time since October 2010.

"The Spanish auction went well and Italian yields moving below 2pc is very positive," said Trung-Tin Nguyen, a hedge-fund manager at TTN in Zurich

WPP climbed 3pc after the largest advertising agency said revenue from continuing businesses will grow 4pc this year as the London Olympics and US presidential elections buoy the industry.

Sales last year rose 7.4pc, the Dublin-based company said, beating analyst estimates.

Man Group jumped 13pc after the world's largest publicly traded hedge fund manager said outflows slowed and assets under management rose 1.9pc in the first two months of 2012, stemming last year's decline.

Weir Group dropped 3.6pc. The world's biggest maker of pumps for the mining industry reiterated its intention to buy Ludowici after FLSmidth & Co made a higher bid.

Irish Independent