Benchmark oil prices extended gains on Monday, as Wall Street indexes and European shares advanced in choppy trade.
Dublin
Euronext Dublin deepened recent losses as it slid 0.4 per cent, with budget airline Ryanair the standout underperformer as it fell 2.9 per cent to €23.90 per share.
On a muted day’s trading overall, banks experienced mixed fortunes. AIB and Bank of Ireland finished up 1.2 per cent and down 1.1 per cent respectively.
PTSB rose 0.35 per cent after it confirmed the names of two of the main bidders still in the running to acquire the bank as part of the formal sale process announced last year.
READ MORE
Texan funds giant Lone Star and a consortium involving New York-based Centerbridge and San Francisco investment firm Sixth Street are “among the participants” in the bidding process, the bank said in a statement on Monday morning.
Meanwhile, the home-builders suffered losses as Glenveagh Properties and Cairn Homes both slipped 0.5 per cent. Cavan-based insulation specialist Kingspan was up 1.4 per cent at close of business.
London
The FTSE 100 closed up 1.6 per cent despite continued oil-price strength, on renewed hopes for a peace deal in the Middle East.
Brent oil traded higher at $112.46 a barrel on Monday afternoon, from $111.63 (€98) late on Friday. Reflecting the increased oil price, shares in oil majors BP and Shell rose 3.1 per cent and 2.0 per cent respectively.
The FTSE 250 ended down 0.1 per cent, and the Aim All-Share advanced 0.6 per cent. On the FTSE 250, oil and gas exploration companies Ithaca Energy and Harbour Energy firmed 2.6 per cent and 2.7 per cent respectively.
On the FTSE 100, Marks & Spencer rose 1.9 per cent as Worldpanel data for the 12 weeks to March 1st showed clothing sales growth accelerated to 3.2 per cent year-on-year from 1.0 per cent in the prior period.
Rio Tinto rose 3.5 per cent as it said its iron ore port operations have resumed. This followed tropical cyclone Narelle passing over Western Australia’s Pilbara region.
Elsewhere, fashion retailer Boohoo rose 2.4 per cent as it hailed stronger-than-expected trading. It provided upbeat guidance for the year ahead.
Europe
The pan-European Stoxx 600 index rose 0.58 per cent, while Europe’s broad FTSEurofirst 300 index advanced 0.56 per cent.
Meanwhile, the Cac 40 in Paris closed up 0.9 per cent, while the Dax 40 in Frankfurt ended 1.2 per cent higher.
Meanwhile, eurozone bond yields fell from multi-year highs as investors mulled the risks of the Iran war for inflation and economic growth.
Data showed German inflation jumped to 2.8 per cent in March as energy prices surged due to the war, although that was in line with economists’ expectations and bond markets reacted calmly.
New York
Wall Street’s main indexes gained in choppy trading on Monday after logging sharp declines in the previous session. Investors took heart from US president Donald Trump’s comments on US-Iran talks even as the Middle East conflict widened.
The S&P 500 Energy Index added 0.9 per cent, with Exxon Mobil and Chevron up 2.1 per cent and 1.3 per cent, respectively.
Heavyweight tech stocks on the S&P 500 dipped 0.5 per cent, led by Apple and Broadcom, limiting gains on the S&P 500 and the Nasdaq. The broader semiconductor index fell to a three-month low, last down 2.7 per cent.
Among other movers, Sysco’s shares dropped 12.4 per cent after the food distributor said it would buy catering supplier Jetro Restaurant Depot in a $29 billion deal, including debt.
Shares of asset managers climbed, with Blackstone up 4.4 per cent, KKR up 3.7 per cent and Apollo Global Management gaining 3 per cent. (Additional reporting: Agencies)
