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Rough week smoothed over by oil and gas share rises

IRISH shares rose yesterday, ending the week on a high, as gains in the commodities sector boosted the Dublin market.

By the close in Dublin the ISEQ Overall Index had gained 0.4pc, or 15.1 points, to close at 3,810.99.

The index recovered marginally after what had been a rough week for the market. Still, it posted a weekly loss having opened on Monday at 3,879.82.

Oil and gas companies led the way. Petroceltic rose 2.6pc to hit 8c after the company secured additional licences in Algeria.

Petroneft, which is drilling for oil in Siberia, rose 2.4pc, while Providence Resources added 3pc to end the week at €7.27. Providence has been boosted by the news that Exxon is set to begin drilling at its Dunquin site off the west coast next month, while Kosmos Energy said on Wednesday it would invest some €150m in drilling off the south coast.

Oil prices rose on Friday after stronger-than-expected economic data from China boosted hopes that the world's second biggest economy may continue to use the commodity at current levels.

The food sector had a strong session. Speciality baker Aryzta added 2.6pc to close at €47.10, while Kerry Group climbed 3.2pc to hit €44.34. Glanbia, meanwhile, rose 1.4pc to end the week back over €10.

Most of the moves were on the positive side of the board but airlines struggled.

Ryanair slid 1.2pc to €6, while Aer Lingus lost 1.45pc to finish the week at €1.36.

Elsewhere, European stocks advanced – paring their biggest weekly decline since November – as the region's commodity producers rebounded from a nearly four-year low.

National benchmark indices climbed in 15 of the 18 western- European markets.

The FTSE 100 rose 0.7pc, while France's CAC 40 climbed 1.5pc. Germany's DAX retreated 0.2pc.

Italy's FTSE MIB Index increased 1.8pc, while Portugal's PSI 20 Index jumped 2.6pc.

Diggers led the way on Friday. ENRC surged 27pc amid reports that a possible bid for the miner was being prepared.

Kazakhmys, which owns a 26pc stake in ENRC, soared 24pc. Anglo American gained 2.2pc after reporting that first-quarter production at its Kumba Iron Ore unit in South Africa increased 2pc.

L'Oreal gained 4.3pc in Paris after the world's largest cosmetics maker reported a 5.1pc increase in first-quarter revenue.

Irish Independent