ISEQ bucks trend to stay ahead
EUROPEAN bourses ended the day in the red and US markets went into reverse as the ECB cut its forecast for eurozone growth next year. Ireland's ISEQ was one of just two western European exchanges that remained in the black.
The ECB said gross domestic product would rise by 1.1pc next year – down from the 1.2pc it had pencilled in back in May.
It has also forecast that France's budget deficit will be 3.7pc of GDP in 2015. That means it will miss a deadline to cut it to 3pc by that year.
The ISEQ Overall Index closed up 31.78 points, or 0.73pc, at 4,397.10. There was good news for the Dublin exchange as mining-equipment supply company Mincon said it would list later this month.
Shares in Aer Lingus were among the movers. It reported a record quarterly profit but is facing a challenging environment on its short-haul business as competitive fare pricing spreads across Europe. Its shares closed up 5.7pc, or 7.5 cent, at €1.39.
Shares in Ryanair recovered 4.73pc, or 25 cent, to €5.58 after slumping nearly 13pc the previous day following its second profit warning in two months.
Shares in insulation maker Kingspan rose 2.9pc, or 37 cent, to €12.95.
National benchmark indices fell in all of the 18 western European markets, except Portugal and Ireland. The UK's FTSE 100 and Germany's DAX each lost 0.3pc, while France's CAC 40 retreated 0.8pc.
BMW slid 2.7pc to €81.38, its biggest drop since August 27. The automaker reported a 3.7pc decline in third-quarter earnings before interest and taxes.
Insurer RSA plunged 6.5pc to 120.7 pence, the largest slide in eight months, after saying wind damage in Europe and adverse weather in Canada would push return on equity below 10pc for the year. It will also have to set aside a greater provision for personal injuries from car accidents in Ireland.
Marks & Spencer advanced 4.3pc to 508 pence after reporting the smallest decline in general-merchandise sales in more than two years.
Sales at stores open at least a year fell 1.3pc in the quarter ended in September, M&S said. That beat the median estimate of 17 analysts for a 1.5pc drop.