Business World

Tuesday 21 November 2017

Stock market: BoI does well as ISEQ gains

Bank of Ireland Group Richie Boucher Group Chief Executive and Andrew Keating (right) Group Chief Financial Officer. Picture: Steve Humphreys
Bank of Ireland Group Richie Boucher Group Chief Executive and Andrew Keating (right) Group Chief Financial Officer. Picture: Steve Humphreys

European government bonds gained yesterday afternoon and an index of Europe's stocks held near the highest level since 2008.

German unemployment unexpectedly increased for the first time in six months, according to data yesterday.

"Expectations are building up for something big from the European Central Bank next week," said Allan von Mehren, chief analyst at Danske Bank in Copenhagen. "We are chasing the lows in yield again. Until next week, yields will keep going lower."

The Stoxx 600 was little changed after a five-day advance that took it to its highest level since January 2008.

Ireland's Overall ISEQ Index was just 0.5pc higher by lunchtime yesterday at 4,919.34.

It was buoyed by stocks including Bank of Ireland, which was trading 2.1pc higher at 28.6 cent.

Ryanair was up 1.4pc at €7.32 while Aer Lingus was down 1.1pc to €1.48 as talks to avert a strike at the airline tomorrow got under way between management and trade union IMPACT.

London's FTSE-100 was trading 0.1pc higher at lunchtime, while Germany's DAX was 0.05pc higher and France's CAC-40 was up 0.08pc.

Elekta sank 9pc after the maker of radiation-surgery equipment posted quarterly profit that missed projections.

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