US equities crept slightly higher on Wednesday, as trading was boosted by evidence that inflation is gradually subsiding, while it was a subdued day across European markets.
Dublin
The Irish market was “treading water” on Wednesday according to one trader, as activity was subdued amid the typical end of August mood.
The Iseq All Share finished down 0.46 per cent, with little by way of big movers.
Healthcare service company Uniphar saw the largest rise of 0.93 per cent to €2.725, while the biggest downward mover was rock drilling solutions company Mincon group which lost 3.33 per cent.
Shares in Irish nutrition group Glanbia were in demand, although still traded light volumes, as the equity was up 0.26 per cent at €15.49.
Packaging company Smurfit Kappa finished up 0.29 per cent at €38.50, while shares in budget airline Ryanair climbed by 0.38 per cent to €15.935.
Shares in Dalata Hotel Group were up 0.36 per cent to close at €4.215, buoyed by positive results published on Tuesday.
The banks were all down slightly by Wednesday afternoon, with Bank of Ireland losing 0.88 per cent to €9.186, AIB down 0.19 per cent at €4.22, and Permanent TSB falling by 0.93 per cent to €2.13.
London
London stocks extended gains on Wednesday, as the benchmark FTSE 100 finished up 0.12 per cent after hitting an over two-week high, and the FTSE 250 index climbed 0.52 per cent.
London’s FTSE 100 index outpaced the pan-European Stoxx 600 for a second straight session, as shares were buoyed by positive news from insurer Prudential. The Asia-focused insurer reported strong half-year profits on Wednesday, driving shares up 1.52 per cent by close, with a surge of over 3 per cent earlier in the day.
Airline stocks were down on Wednesday in the wake of the UK’s air traffic control failure on Monday, with IAG down 1.04 per cent and Wizz Air falling by 0.31 per cent. Willie Walsh, head of global airlines group IATA, told the BBC that the total cost of the failure to airlines is likely to reach about £100 million (€116 million).
Europe
Stocks in Europe were easing off a two-week high yesterday, as weakness in the utilities sector was countered by gains in insurance and basic resources.
The pan-European Stoxx 600 index lost 0.12 per cent, while the French CAC 40 closed down 0.43 per cent.
Germany’s DAX slipped 0.24 per cent, as preliminary data showed Germany’s August consumer price inflation rose by an annual 6.4 per cent, slipping from July’s 6.5 per cent but topping a 6.3 per cent forecast.
New York
Wall Street’s main indexes rose on Wednesday, as a wave of disappointing economic data also raised the prospect that the Federal Reserve may press pause on its efforts to dampen inflation.
A report on US private sector employment showed the economy generated fewer jobs than expected in August, marking the latest indication that the labour market is losing steam.
Meanwhile, there was also a downward revision in annual gross domestic product growth, decreased on Wednesday to 2.1 per cent from the previous 2.4 per cent forecast.
Visa gained on Wednesday, keeping the Dow Jones afloat, after a report said the company and rival Mastercard, also up, were preparing to raise credit-card fees.
Among other big movers of the day, HP fell as the personal computer maker trimmed its annual forecast due to slowing demand. – Additional reporting: Reuters
