Modest gains for global stocks

GLOBAL stock markets made modest gains yesterday as investors appeared to keep their powder dry in anticipation of what 2011 will bring.

Modest gains for global stocks

The London FTSE proved an exception and on its first day back after the Christmas break it closed the day down 13 points (0.2%) to finish at 5,996.

European stock markets were ahead, boosted by strong mining and energy stock performances, as the outlook for commodity prices continue to stay positive, reflecting growing optimism for global production.

In Paris, the CAC was up 0.85% ending the day at 3,891, while in Frankfurt the DAX gained 23 points (0.34%) to finish at 6,995.

Also on its first day back after the seasonal break Dublin’s ISEQ index nudged 0.3% higher to close at 2,885. Bank of Ireland, was up 7.4% to 37 cent. DCC closed 2.2% higher at €23.51 and Aer Lingus was up almost 2% to €1.12.

In early trading shares on Wall Street were also higher, suggesting US shares look set to sustain the December rally.

That in effect reflects strong investor sentiment also underlined by increasing confidence that the global economy next year will deliver growth, resulting in bigger profits and better dividends.

In New York the Dow Jones was up 30 points or 0.265% at 11,606, while the Nasdaq gained six points or 0.24%.

Tokyo’s Nikkei closed earlier in the day 0.5% ahead of the previous day’s close while in Hong Kong the Hang Seng index gained 348 points to end at 22,969.

That was a gain of 1.5% and reflected good investor appetite for financial and property shares, analysts said.

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