Kingspan and other Irish shares drive European stock markets higher

Irish shares jumped 2.1% on Tuesday, leading the advance among the country's continental peers.

Irish stocks were boosted by gains in Kingspan, which jumped almost 16%, after forecasting record profit for the first half of the year. Stock picture

Tue, 11 Jul, 2023 - 19:35

European shares ended higher, helped by a surge in Irish shares, amid investor hopes the US Federal Reserve was nearing the end of its interest rate hiking cycle and as China extended some policy measures to support its battered property sector.

The pan-European Stoxx-600 ended 0.7% higher, rising for the third straight session.

Irish shares jumped 2.1%, leading the advance among the country's continental peers.

Irish stocks were boosted by gains in Kingspan, which jumped almost 16%, after forecasting record profit for the first half of the year.

This also helped the European construction sub-index add 2.4%.

Mining firms were among top sectoral gainers in Europe, up 1.8% as metal prices rose on Beijing’s support for its property market.

China extended until the end of 2024 some policies in a November rescue package to shore up the real estate sector.

Shares of China-exposed luxury firms including LVMH, Hermès, and Richemont rose between 2% and 2.3% while industrial stocks also sensitive to China advanced 1%.

Several Fed officials have signalled the US central bank was nearing the end of its rate hiking cycle, with markets now awaiting key data on US consumer prices for more clarity on whether there has been a considerable slowdown in inflation.