Sunday 22 September 2019

Microsoft overtakes Apple

Traders work on the floor at the New York Stock Exchange (NYSE)
Traders work on the floor at the New York Stock Exchange (NYSE)

Reuters

European markets put on a strong performance yesterday, but there's still uncertainty about whether UK Prime Minister Theresa May will be able to see her Brexit deal pass in Parliament.

The concerns kept sterling in check, while the UK's exporter-heavy Ftse-100, which makes about 70pc of its income abroad and tends to benefit from a weaker pound, rose 1.3pc. "Theresa May's Brussels success comes laden with some potentially deal-sinking domestic caveats, namely the House of Commons' 'meaningful vote' expected to be held on December 12," said Forex.com analyst Connor Campbell.

The gains in the UK also reflected strength in the broader European banking sector, which rallied to reports that Italy could lower its budget deficit target to avoid a disciplinary procedure from Brussels. Oil stocks were also in demand as crude prices clawed back some losses.

Europe's Stoxx 600 had surged 1.3pc as markets neared the close.

Ireland's Iseq Overall Index put in a lacklustre performance compared to its European peers. It was flat by the end of the session, at 5,926. Gainers included baked goods firm Aryzta, whose shares in Dublin closed almost 10pc higher at €1.20 after it posted slight organic revenue growth for its first quarter. Decliners included Total Produce, which fell 4.6pc to €1.76.

Apple gave up its crown as the world's most valuable publicly traded company, at least briefly on Monday when the Iphone maker's market valuation of $812.60bn dipped below Microsoft's $812.93bn at one stage, meaning it had shed about $300bn in value after cresting a record $1.1 trillion valuation in early October.

Germany's DAX was up 1.5pc. France's CAC-40 advanced 1pc.

Irish Independent

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