Stocks gain on improving US jobs market

EUROPE’s principal stock markets put Wednesday’s disappointing performances behind them with a broad recovery yesterday.

After falling by nearly half a percent in the first trading session after the Christmas break, Dublin’s ISEQ remained stable yesterday (although, it was technically up — albeit, by just over one point at 2,845.26 points). There were good gains — the likes of Elan, CRH, Aryzta, C&C, Icon and CPL Resources all showing strong movement — but these were largely levelled out with notable falls for the likes of Grafton, IFG, Tullow Oil, Smurfit Kappa, Ryanair, Kerry Group and DCC.

A tricky bond auction in Italy — where the country’s yields fell from recent record highs but remained at unsustainable levels of nearly 7%; prompting the new government to call for more firepower for the eurozone’s bailout fund — did not spook investors too much, with markets rising despite lower than normal trading volumes.