ISEQ gains more than 1% in strong day of trading

Euronext Dublin gained more than 1 per cent on Tuesday, lifted by gains among index heavy-hitters and outperforming the majority of markets in Europe that saw losses on the day.

Across world markets there was mixed commentary from central bankers about inflation and the direction of monetary policy.

Dublin

The ISEQ All Share gained 1.05 per cent to close at 8,266.31. It was a strong day of trading on the Irish Stock Exchange, with most listed companies seeing gains by market close.

Among the exceptions to this were the Irish banks, that saw losses across the board. AIB fell by 0.14 per cent to €4.20, while Bank of Ireland lost 0.09 per cent to close at €8.57, and Permanent TSB closed at €1.70 after falling by 0.29 per cent.

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Home-builders Cairn Homes and Glenveagh Properties were both on the rise, gaining 0.16 per cent and 1.18 per cent respectively. Cairn Homes closed at €1.24, while Glenveagh Properties finished the day at €1.03.

Paddy Power parent company Flutter Entertainment, a ISEQ heavy-hitter that has the weight to drag down or lift the overall index, gained 1.18 per cent on the day to close at €145.20.

Packaging giant Smurfit Kappa rose by 2.81 per cent to €32.21, while building materials company Kingspan gained 1.19 per cent to close at €69.86.

Food companies Glanbia and Kerry Group also saw gains. Glanbia rose by 0.72 per cent to €15.45, while Kerry Group gained 0.51 per cent to €74.70.

Budget airline Ryanair rose by 1.90 per cent to €17.45, while on the downside energy firm Corre Energy fell by 1.47 per cent to €2.68, and mining company Kenmare Resources lost 0.43 per cent to close at €4.68.

London

Trading was down in London on Tuesday as the exporter-heavy FTSE 100 Index fell by 0.07 per cent, and the more domestically-focused FTSE Mid-Cap 250 Index was down 0.28 per cent. Bank of England interest-rate setter Jonathan Haskel said on Tuesday that the inflationary heat that remained in the labour market suggested there was no way to cut interest rates any time soon.

Burberry Group fell by 3.32 per cent after HSBC reduced the luxury retailer’s price target, while Rolls-Royce jumped 6.21 per cent after the engineering company said it aimed to quadruple its profit in the next five years.

EasyJet reported 2023 earnings slightly ahead of analysts’ expectations and the airline gained 4 per cent.

Europe

The pan-European STOXX 600 Index fell by 0.30 per cent, while the French CAC 40 fell by 0.21 per cent and the German DAX gained 0.16 per cent.

European shares fell after comments by European Central Bank policymakers dampened expectations of interest rate cuts next year. Bundesbank chief Joachim Nagel said on Tuesday the ECB may need to raise interest rates again if the inflation outlook worsened, and that the bank should not rush to ease policy too quickly after the steepest set of rates hikes on record.

Julius Baer slid fell by 4.68 per cent as Morgan Stanley downgraded the Swiss bank, while Ubisoft fell by 8.97 per cent after the French video game producer announced a placement of convertible or exchangeable bonds into shares.

New York

Wall Street’s main indexes reversed course to gain on Tuesday after dovish comments from some Federal Reserve officials bolstered hopes of a potential rate cut next year. Board governor Christopher Waller hinted at lower interest rates in the months ahead if inflation continued to ease, while Chicago fed president Austan Goolsbee said he believed overall inflation was coming down at a pace not seen since the 1950s.

Boeing gained after RBC Capital Markets upgraded the aerospace company, while Affirm Holdings was also on the rise as Jefferies upgraded the payments platform.

US listed shares of PDD Holdings jumped after the Chinese ecommerce firm beat third-quarter revenue estimates.

Meanwhile, Micron Technology shares fell after the chip firm said it expected first-quarter operating expenses to be higher than its prior estimates.

Additional reporting from Reuters