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Stocks drift ahead of Thanksgiving holiday

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Thomas Cook outlet.

Thomas Cook outlet.

Thomas Cook outlet.

Shares in Thomas Cook fell by a fifth in early trading yesterday after CEO Harriet Green announced she was leaving the tourism giant.

Thomas Cook stock, which had risen 19pc over the previous month, fell 17pc to 113.9 pence before 10am after the surprise resignation. The stock traded at 14p when Green joined the company.

In Dublin the ISEQ index was weaker yesterday, at 4987.49 by mid afternoon. Shares across Europe were steady, while US markets were quiet heading into today's Thanksgiving holiday.

European stocks hovered around a two-month high, with German equities posting their longest winning streak since May 2013.

With the promise of cheap fuel into the future utility companies led the gains, with RWE and EON helping push Germany's DAX Index higher.

Even with economies struggling, the promise of central bank support kept markets higher.

"There is still a lot of money around which could be invested back into equities," said Benno Galliker, a trader at Luzerner Kantonalbank.

"As long as central banks are pushing stocks, there is really a big support beneath this move."

ECB support wasn't enough to get AIB's planned covered bond over the line however, and it was postponed yesterday to price later, possibly this week.

AIB shares continued their recent declines, to reach 6.9 cents yesterday after Michael Noonan last week commented on the bank's inflated valuation.

Bank of Ireland shares also fell, but at 32.1 cents remain at close to their recent highs.

The Irish property Reits were mixed, with the Green (€1.345) and Hibernia (€1.14) Reits both up, while Ires Reit fell slightly to €1.0725.

In the US, stocks fluctuated, with benchmark indexes near all-time highs, as investors assessed data on labour, manufacturing and housing to gauge the strength of the American economy.

The Standard & Poor's 500 Index rose less than 0.1pc to 2,068.54 yesterday morning in New York.

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The Dow Jones Industrial Average fell 13.13 points, or less than 0.1pc, to 17,801.81. The Nasdaq 100 Index climbed 0.3pc.

Trading in S&P 500 companies was 29pc below the 30-day average for this time of the day. US markets are closed today.

Orders for US business equipment such as machinery and electrical gear unexpectedly declined in October. Other data showed jobless claims increased by 21,000 to 313,000 in the week ended November 22, the highest since early September.


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