Monday 22 October 2018

Pageant lifts Providence stake to 11pc

Traders work on the floor of the New York Stock Exchange (NYSE)
Traders work on the floor of the New York Stock Exchange (NYSE)
Donal O'Donovan

Donal O'Donovan

Nick Furlong's Pageant Holdings has again lifted its stake in Providence Resources to 11.04pc according to a stock market filing. Pageant backed a rescue deal for the oil and gas explorer last year and has continued to lift its stake since then.

Elsewhere, European shares edged up yesterday as financial and tech stocks recovered, while troubled furniture retailer Steinhoff sank further, stung by an accounting scandal.

Investors recovered their risk appetite, pushing Eurozone stocks up 0.2pc, with financials the strongest sector, helping the bank-heavy Italian and Spanish markets outperform strongly with gains of 0.6pc to 0.7pc.

Eurozone stocks once again performed better than the broader pan-European STOXX 600 index which includes London shares.

In Ireland, the ISEQ rose 0.58pc to 6994.64.

Eurozone banks jumped 1.1pc, recovering after a risk-off mood dented financials in the previous session.

ING, Santander, Unicredit and Intesa Sanpaolo drove gains, up 0.7pc to 1.4pc each as confidence in the sector, and particularly peripheral European lenders, returned.

"In the world, the sector with the biggest potential to grow from here in earnings is probably continental European banks," said Kevin Gardiner of Rothschild Wealth.

Shares in Steinhoff plunged 45pc, extending a dramatic fall after the South African retailer revealed accounting irregularities and its chief executive quit.

The stock is down 80pc in two sessions, knocking $12bn off its market value.

Ladbrokes Coral climbed 3pc after bookmaker GVC offered up to £3.9bn to create a betting giant.

Irish Independent

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