Global stocks extended their comeback rally on Tuesday, while benchmark Treasury yields hit a near 16-year high on concerns that interest rates could stay higher for longer and the safe-haven dollar edged back towards 10-week highs.
Dublin
Euronext Dublin outperformed its European counterparts as it climbed 1.25 per cent on the back of some strong performances from its bigger hitters.
Among the main movers, building materials group CRH was up 2 per cent ahead of its US listing in September. “A lot of the investment banks are keeping an eye on that,” one trader noted.
Insulation specialist Kingspan was up 2 per cent, which was in line with the sector, as Woodies DIY parent Grafton Group climbed the same amount.
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Elsewhere, Paddy Power Betfair parent Flutter Entertainment was up 3 per cent at close of business, while box-maker Smurfit Kappa was up about 2 per cent.
Ryanair was up 1 per cent at close of business but it lagged some of its sectoral peers with EasyJet and Wizz Air climbing 1.3 and 1.8 per cent respectively.
Bank of Ireland dropped 1 per cent following political pressure from Minister for Finance Michael McGrath on Monday to raise deposit rates for savers. AIB seemed insulated however, as it climbed 30 basis points while Permanent TSB was unchanged.
Among the home builders, Glenveagh Properties climbed 3 per cent to bounce back from some recent lows.
London
The FTSE 100 moved 0.18 per cent higher on the back of a strong session from commodities firms to break its worst losing streak since 2019.
Michael Hewson, chief market analyst at CMC Markets UK, said: “Mining stocks are gaining despite a disappointing update from Australian miner BHP, which saw its profits fall by 37 per cent, on the back of weakness in the Chinese economy.”
In company news, Wood Group finished higher after the oil and gas engineering firm upgraded its revenue and profit guidance for the year due to a boost from new contracts.
Wood provided a positive trading update for investors, reporting that its adjusted core earnings for the year are forecast to be “ahead of our previous expectations”. Shares in the business were 6.1p higher at 154.2p at the close.
British American Tobacco was in the green after experts at Jefferies said the stock was too cheap and highlighted it as a significant discount against key rivals Philip Morris International and Imperial Brands. The tobacco giant saw shares improve by 15p to 2,534p.
Europe
On the continent, stock gains were driven by a 2 per cent jump in the tech sector on optimism surrounding the world’s most valuable chipmaker Nvidia ahead of its quarterly results on Wednesday.
However, it was a mixed session as the key indexes made cautious progress before coming under pressure from continued worries about high bond yields.
Pan-European stocks jumped 0.7 per cent in their best day since late July thanks to a rally in tech. Germany’s Dax index was 0.66 per cent higher for the day and the Cac 40 closed down 0.23 per cent. The Stoxx Europe 600 rose 0.7 per cent.
New York
Wall Street’s main indexes pared gains on Tuesday, as US Treasury yields rose on growing worries about interest rates staying higher for longer, while gains in Nvidia shares fizzled out in the run up to the chip designer’s earnings.
Wall Street had regained some ground on Monday due to a rally in Nvidia and other tech stocks. Shares of Nvidia hit an all-time high of $481.87 soon after markets opened but were last down 1.5 per cent.
Other big technology and growth stocks such as Microsoft, Alphabet and Tesla rose between 0.7 per cent and 2.7 per cent.
Keeping the Dow under pressure, sports retailer Nike fell 0.5 per cent after a downbeat profit forecast from Dick’s Sporting Goods. – Additional reporting: Agencies
