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Markets: Quiet day as London, New York closed

IRISH shares edged higher in line with European stocks during a calm day of trading thanks to holidays in London and New York.

By the close in Dublin yesterday, the ISEQ Overall Index was up 0.71pc or 28.54 points to close the trading day at 4074.45.

Just three market announcements were posted to the Irish Stock Exchange yesterday.

The leaders in Dublin included Aer Lingus, which increased 3.9pc to close at €1.61 after it emerged that British regulators are set to force rival carrier Ryanair to sell off half of its stake in Aer Lingus.

Aer Lingus also launched a High Court challenge against a ruling by the Irish Takeover Panel that could allow Ryanair make another bid for the national carrier by August of this year.

Ryanair was also up yesterday, with its stock gaining 3pc to close at €6.94.

The state's two main banks also recorded gains – Bank of Ireland was up 1.8pc to €0.19 while AIB increased 1.5pc to €0.07.

On the other side of the board, food-ingredients company Kerry Group dropped 0.5pc to €44.75, while speciality baker Aryzta fell 1pc to €46.10.

Shipping company Irish Continental was down 0.5pc and bookmakers Paddy Power slipped 0.1pc to €64.81.

REBOUNDING

Elsewhere, European stocks rose, rebounding from their first weekly loss in more than a month, as car makers and technology companies gained.

The Stoxx Europe 600 Index climbed 0.3pc to 304.34 at the close of trading.

National benchmark indexes climbed in 15 of the 17 western European markets open yesterday.

France's CAC 40 added 1pc and Germany's DAX gained 0.9pc. The London and American markets were closed yesterday.

"We have seen quite a strong correction, especially in the US, and it seems like some investors think that the correction is over and they are prepared to go back into the market," Raimund Saxinger, a fund manager at Frankfurt-Trust Investment GmbH, said.

"The closure of the UK market is certainly an important influence as liquidity is quite thin."

Telecommunications company Vivendi climbed the most in two months as Qatar Telecom said it raised $12bn (€9.3bn) to finance its bid for the French media and telecommunications company's stake in Maroc Telecom.

Car maker Fiat advanced 4.4pc after Italy's industry minister offered support to keep its plants in the country.

Club Med jumped the most on record after the French holiday-resort operator said it got a bid from two share- holders.

Irish Independent