The Irish stock market outperformed its European counterparts on budget day, as Ryanair and Irish Ferries stocks took off. Farther afield, European stocks slipped on Tuesday, dragged down by healthcare and bank shares.
DUBLIN
The Iseq All-Share index ended the session at 11,742.61, up 0.54 per cent from its previous close.
In a good day for transport stocks, Irish Ferries owner Irish Continental Group gained 2.11 per cent on the day, reaching a share price of €5.80. Ryanair gained 1.79 per cent to surge back above the €25 mark to €25.09.
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Home builders Glenveagh Properties and Cairn Homes didn’t glean much support from measures announced in the budget to enable the construction of apartments. They fell 0.32 per cent and 1.24 per cent respectively.
Bankers PTSB Group fell 1.79 per cent, the largest drop on the index. Bank of Ireland recorded a minimal drop, down 0.1 per cent, while AIB gained nominally – up 0.16 per cent.
LONDON
The FTSE 100 ended little changed on Tuesday, holding near recent record highs and the blue-chip index closed up 0.05.
Meanwhile, the latest study from Halifax showed the rise in British housing prices was slower than expected at 1.3 per cent in 12 months, and the weakest since April 2024. Home builders, including Vistry and Bellway, declined 3 per cent and 1.1 per cent respectively.
On the flip side, energy stocks rose about 1 per cent. Oil major Shell gained 1.5 per cent after lifting its third-quarter LNG production forecast.
B&M slumped 7.8 per cent, after the discount retailer warned of a drop in its annual profit amid weak sales.
Among other stocks, Imperial Brands gained 3.4 per cent after the Winston cigarette maker announced an additional share buyback of £1.45 billion (€1.65 billion).
Rentokil advanced 3.9 per cent to top the FTSE 100 after Bernstein double-upgraded its rating on the pest control company to “outperform” from “underperform”.
Luxury fashion house Burberry rose 3 per cent tracking gains in European luxury players.
EUROPE
The pan-European Stoxx 600 closed 0.2 per cent lower, coming off its record highs hit in the previous session.
French blue-chip stocks gave up gains to close flat after a sharp sell-off on Monday triggered by Prime Minister Sébastien Lecornu’s abrupt resignation.
France’s benchmark index remains Europe’s worst performer this year, up 8 per cent – a stark contrast to double-digit gains elsewhere – underscoring the market’s unease over a fragmented parliament and rising instability since Macron’s 2022 re-election.
The luxury sector jumped 1.8 per cent, as designer debuts among fashion houses and a push for affordability gave investors hope that the sector was set for a gradual comeback.
Morgan Stanley upgraded its rating on luxury giants LVMH and Kering to “overweight” from “equal weight”, sending their shares up 3.6 per cent and 5.7 per cent, respectively.
Heavyweight healthcare stocks were among the biggest drags in Europe, down 0.4 per cent as Denmark’s Novo Nordisk lost 2.8 per cent after a U.S. court rejected its challenge to Medicare’s drug price negotiation program.
Germany’s Bayer fell 2 per cent, with traders pointing to a Goldman Sachs note that said it expects third quarter earnings to come below estimates.
Oil and gas got a boost with a 1.5 per cent gain in Shell after it flagged higher LNG production and better gas trading results for the third quarter.
NEW YORK
The S&P 500 and the Nasdaq nudged higher in midafternoon trading on Tuesday, with the benchmark index hitting a fresh intraday record high, while investors awaited commentary from a slate of Federal Reserve speakers for clarity on policy direction.
Optimism around artificial intelligence (AI) and expectations of looser monetary policy have been keeping the equity rally alive, despite concerns over stretched valuations and limited data releases as the federal Government shutdown entered its seventh day.
Financials advanced on the S&P 500 and consumer discretionary stocks fell. Tesla was down slightly in advance of an event where it is expected to unveil a more affordable version of its bestselling Model Y SUV.
Declines in stocks such as Home Depot and McDonald’s weighed on the Dow. – Additional reporting, Reuters, PA.
