Business World

Friday 23 March 2018

Kingspan surges 10pc but Europe indices down after Spain attack

Traders work on the floor of the New York Stock Exchange (NYSE)
Traders work on the floor of the New York Stock Exchange (NYSE)
John Mulligan

John Mulligan

Irish insulation maker Kingspan was one of the standout performers in Europe yesterday, with more than €500m added to the company's market capitalisation as its shares soared almost 10pc on the back on better than expected first-half results.

Kingspan's shares closed up 9.6pc at €31.41 in Dublin, giving the company a market capitalisation of €5.61bn.

It reported a 19pc rise in first-half revenue to €1.75bn, while trading profit was up 6pc at €177.8m. Chief executive Gene Murtagh said the company has seen no impact on its business from last year's Brexit vote.

But Kingspan's strong advance wasn't enough to prevent the ISEQ Overall Index being dragged into the red yesterday, as European indices suffered following the atrocity in Barcelona.

The Irish index ended the session 1.2pc lower at 6,705.26.

Shares in travel companies including Ryanair and Aer Lingus owner IAG declined in the aftermath of the terror attack. Shares in Ryanair and IAG were lower earlier in the day but regained some ground later.

Ryanair closed down 2pc at €18.60, taking away from a record high earlier in the week after the stock surged on the back of Air Berlin's collapse. Shares in IAG also closed down 2pc in London.

Other Irish shares fell, including Paddy Power Betfair, which declined 3.3pc to €79.16, propelling it to a multi-year low.

CRH was down 2.2pc at €29.29, while shares in Aryzta fell 2.1pc to €27.54 in Dublin. The UK's FTSE-100 closed down 0.9pc. Germany's DAX was 0.3pc lower and France's CAC-40 was down 0.64pc. Spain's IBEX 35 retreated 0.56pc.

Shares in German generic drugmaker Stada rose more than 13pc to a record second buyout offer from private equity groups Bain Capital and Cinven was successful.

Irish Independent

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