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Stocks rise at home and abroad ahead of credit rating upgrade


The Irish Stock Exchange in Dublin

The Irish Stock Exchange in Dublin

The Irish Stock Exchange in Dublin

STOCKS in Dublin rose by more than 1.2pc yesterday, even before Ireland's credit rating was upgraded.

The Irish Stock Exchange closed at 5012.40, up 61.44, ahead of Standard and Poor's prediction that the economy will grow faster than it expected over the next two years.

Shares in Irish exploration firm Petroneft Resources moved the most in the day, jumping 16pc, with Merrion Pharmaceuticals up 11pc and Aminex rising by 8pc.

At the bottom of the scale, Prime Active Capital fell almost 8.4pc, followed by Ormonde Mining, down 4.2pc, and Allied Irish Banks, which suffered a 2.7pc drop.

Stocks also advanced in Europe and the US, where a report showed the economy there created more jobs last month than forecast.

"After the initial euphoria, no one's shouting from the rooftops on the back of the ECB decision," said Richard Hunter, head of equities at Hargreaves Lansdown Plc in London.

"The general feeling is that the US has now got the poor weather behind it and economic recovery is starting to get some traction. There's a number of positive blocks in place. It's just a question of what the next catalyst will be."

The Stoxx 600 rose 0.7pc to 347.30 at the close of trading – with the benchmark gaining 0.9pc over the week as the ECB lowered interest rates.

Commerzbank climbed 4.1pc after the lender's chief executive officer predicted that the ECB would find no problems during an audit.

UK stocks rose for the first time in four days as Asos advanced 7.4pc, after plunging 31pc on Thursday, when UBS AG advised investors to buy shares in Britain's largest online fashion retailer.

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Diageo fell 1.6pc tracking European food-and-beverage companies lower.

The FTSE 100 Index added 44.72 points, or 0.7pc, to 6,858.21 at the close in London.

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