World stocks make gains as investors grow optimistic on inflation data

World stocks extended gains on Friday while the dollar held near 15-month lows after US inflation data this week unleashed a wave of investor optimism that the US Federal Reserve was nearing the end of its rate-hiking cycle.

Dublin

Euronext Dublin finished the day up almost 35 basis points to cap off a strong week for the index. “It was another positive session, albeit not quite as emphatic as earlier in the week with some of the moves we’ve seen,” said a trader. “It was a quieter day today on volumes.”

Among the financial names AIB was up 0.5 per cent at €3.956, while Bank of Ireland was flat at €9.11. Permanent TSB closed up 5 per cent at €2.25 following a strong close that was bolstered by data from the US that pointed to early signs of recovery in investment banking.

Ryanair was a little bit weaker at €16.565 on the back of news of strike action at Gatwick Airport in London later this month. The airline, however, outperformed its peer EasyJet which finished the day down about 3 per cent.

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Elsewhere box-maker Smurfit Kappa ended the week on a high, gaining 0.7 per cent to close at €33.52, while building materials giant CRH climbed by about the same margin to €51.10.

London

The FTSE 100 moved 0.08 per cent lower as London stocks finished in the red by a fine margin, but it failed to take the shine off a strong week.

In company news gambling firm 888 tumbled by 25.3p to 79.6p during trading after it ended discussions with FS Gaming Investments over the proposed appointment of a new leadership team.

Woodies DIY-parent Grafton Group was up about 2.5 per cent at 813.6p at close of business as it continued its momentum following a trading update on Wednesday in which it reported an increase in half-year revenue while maintaining its full-year earnings guidance.

Fashion giant Burberry climbed 24p higher to 2,126p after the luxury brand saw its sales spike in recent months following a post-Covid rebound in shoppers in China and strong demand for its classic trench coat.

The biggest risers in the FTSE 100 were Spirax-Sarco, up 315p at 10,445p, London Stock Exchange Group, up 198p at 8,290p, Mondi, up 23.5p at 1,292.5p, Halma, up 39p at 2,244p, and Experian, up 47p at 3,001p.

The biggest fallers of the day were Ocado, down 25.6p at 594.4p, Croda, down 152p at 5,648p, Rolls-Royce, down 3.4p at 145.9p, BP, down 9.2p at 456.45p, and Legal & General, down 3.7p at 223.8p.

Europe

On the continent, the other markets were mixed as the Euro Stoxx finished down 0.16 per cent, while Germany’s Dax index was 0.22 per cent lower and the Cac 40 closed up 0.06 per cent.

Michael Hewson, chief market analyst at CMC Markets UK, said: “It’s been a somewhat indifferent end to what has been a strong week for European markets, which has seen a good proportion of last week’s losses disappear. The Cac 40 has been one of the best performers this week, with gains of over 3 per cent this week, followed by the Dax.”

New York

Wall Street rose for the fifth straight day after some of the country’s top lenders and insurer UnitedHealth Group kicked-off the second-quarter earnings season on a strong note.

JPMorgan Chase gained 2.4 per cent after the largest US lender posted a 67 per cent jump in profit. Meanwhile, Wells Fargo rose 2.7 per cent after reporting a 57 per cent rise in quarterly profit.

Leading gains on the Dow, UnitedHealth Group jumped 4.9 per cent after the health insurer reported a quarterly profit above analysts’ estimates as the industry bellwether’s expenses came in lower than feared.

Rivals Humana, Cigna and CVS Health rose between 1 per cent and 2.4 per cent. – Additional reporting: Agencies