Markets react to improved global economy data
The latest jobs and sales data from the other side of the Atlantic led to marginal early gains on Wall Street; while the positive knock-on effect was even more noticeable in Europe with the main markets in this part of the world rising to a two-week high.
London’s FTSE was up by nearly 2%, to 5,211 points – aided by a near 6% jump for insurance giant and Hibernian parent, Aviva – the CAC in Paris gained 1.6% and Frankfurt’s DAX was up over the 6,000 mark.
Dublin’s ISEQ, meanwhile, enjoyed a second consecutive day of marginal gains; up by 1.43%, or 43 points, to just over 3,000 points.
A mixed day for the banks was evident in AIB edging back up towards the €1 mark, with a 1.33%, or 1c, rise to 99c; Irish Life & Permanent (IL&P) up by over 2% at €1.93; but Bank of Ireland shedding 4c, or nearly 5%, to close at 72c.
That was almost a mirror image of Wednesday’s trading with Bank of Ireland then rising and AIB falling.
Elsewhere, DCC rose by 1.69%, or 32c, to close at €19.25; CRH was up by 2.66%, 49c, at €19.07; Ryanair gained 13c, or 3.65%, to €3.64; and Kerry Group was up by 30c, or 1.32%, to €23 on the back of analysts forecasting that the food group should return in its current financial year to double-digit earnings growth for the first time in eight years.
Pharmaceutical company Elan remained unchanged at €4.63; even after it announced – in order to give investors “clarity and continuity” over its leadership – that its chief executive, Kelly Martin, would be standing down in two years’ time.
The strong showing across Europe finished a day which had opened with Hong Kong’s Hang Seng index rising by 1.6% and Tokyo’s Nikkei jumping by 3.2% to nearly 10,000 points.
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