Shares rise on US jobs figures

European shares rose on Friday as weaker than expected US employment figures eased investors’ fears of further interest rate hikes.

DUBLIN

The Irish market dipped slightly on a day when dealers said volumes were generally light and trade amongst leading stocks was “a bit of a mixed bag”.

Among leading stocks, packaging giant Smurfit Kappa slipped 1.11 per cent to €38.35. Ryanair dipped 0.4 per cent to €16.135 following a strong day on Thursday. Dealers noted that all European airlines were slightly weaker on Friday.

Building materials group CRH inched 0.3 per cent down to €52.96. Convenience foods and ingredients specialist Kerry Group shed 1.5 per cent to close at €84.84.

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Housebuilder Cairn Homes added 1.22 per cent to end the day at €1.164. The company is due to publish results for the six months to the end of June next week. Its rival, Glenveagh Properties, climbed 1.6 per cent to €1.018.

AIB gained 1.09 per cent to close at €4.248, while its peer, Bank of Ireland, shed 1.17 per cent to €9.09.

LONDON

Miners and oil companies boosted the FTSE as crude prices returned to their highest level this year and commodity prices rose. London’s blue chip index gained 25.41 points, or 0.3 per cent to end the day at 7,464.54

The oil price move boosted BP shares, which rose 2.73 per cent to 500.8 pence sterling. Strong copper prices aided Rio Tinto which climbed 100p or 2.05 per cent to 4,972.5p, and Glencore, which added 1.35 per cent to 427.15p.

Among other miners Anglo American rose 1.7 per cent to 2,136p, while Antofagasta was up 1.6p per cent at 1,471p.

Shares in Direct Line Insurance Group closed down 2 per cent at 158.8p after the UK’s Financial Conduct Authority ordered it pay out £30 million sterling in compensation to customers.

EUROPE

The Stoxx Europe 600 Index, which tracks leading shares across 18 markets, rose 0.16 per cent.

Energy stocks outperformed after Morgan Stanley double-upgraded the sector, while car makers were laggards after UBS Group analysts cut their ratings on Renault and Volkswagen.

Renault slid 6.25 per cent to €35, while Volkswagen was off 4.2 per cent at €108.32. BMW shed 3 per cent to €94.20.

Analysts dubbed the US job figures, which showed unemployment slightly up and weakening wage growth, as relatively positive, arguing that it brought a resilient jobs market back into balance.

NEW YORK

The S&P 500 advanced and benchmark treasury yields rebounded after the much-anticipated US August employment report showed an uptick in unemployment and cooler-than-expected wage growth. This boosted hopes that US central bankers would not hike borrowing charges any further this month.

The three major indices oscillated in morning trading, with the Dow joining the S&P 500 in the green, but the Nasdaq was essentially flat.

All three indices appeared set to notch gains on the week, and the S&P 500 and the Nasdaq were on track for their largest weekly percentage gains since March.