Global stocks were headed for a mostly lower week on Friday, as strain in global bond markets showed little sign of abating and the diplomatic deadlock in the Gulf lifted oil prices to one-month highs.
DUBLIN
The Iseq Overall Index of shares closed the week on a high, rising 1.1 per cent over the day to end just short of 14,187.
But the gain was not enough to edge it out of a weekly loss, with the index down 1.3 per cent
Banking shares edged higher, with AIB and Bank of Ireland ending the day up 1.4 per cent and 1.7 per cent respectively.
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Shares in Irish Continental Group rose 4.3 per cent over the day. That wasn’t enough to erase some of the week’s losses, with the stock ending the week 7.4 per cent lower. Shares in the ferry group dipped yesterday as the independent board of ICG warned investors that a €1.2 billion management-led buyout offer is set to be rejected. An extraordinary general meeting is due to take place on August 28th.
Ryanair rose 1.1 per cent over the day, while food groups Glanbia and Kerry were up 1.1 per cent and 1.5 per cent respectively.
LONDON
The FTSE 100 closed higher on Friday, boosted by gains in mining stocks, and managing to eke out a weekly gain at the end of a torrid week marred by persistent Middle East tensions and growing inflation worries.
The blue-chip FTSE 100 rose 0.6 per cent to 10,816.6 points, also clocking a 0.6 per cent rise for the week. The midcap FTSE 250 climbed 0.9 per cent but marked its first weekly decline in six.
Precious and industrial metal miners rose as gold and copper prices edged higher against a dollar weakened by the US treasury’s bond buyback move. Antofagasta and Endeavour Mining rose 5.4 per cent and 4.1 per cent, respectively, leading gains in the FTSE 100.
British telecom services provider Gamma Communications gained 11.6 per cent after it said it was in early talks with the Netherlands-based Waterland Private Equity Investments over a possible takeover.
EUROPE
The pan-European Stoxx 600 closed 0.59 per cent higher at 654.18 points, still extending losses for a second straight week.
Among sectors, luxury stocks gained 1.4 per cent, rebounding from sharp decline in the previous session, while basic resources led sectoral gains, rising 2.5 per cent as a softer dollar lifted gold prices.
Energy was one of the few sectors to decline, along with utilities and defence.
Among individual movers, Nibe Industrier topped the benchmark, up 8.8 per cent after the Swedish heat pump maker reported second-quarter results.
Straumann slipped 3.3 per cent after Deutsche Bank downgraded the Swiss dental implants maker to “hold” from “buy”, citing rising risks and CEO transition.
NEW YORK
The main US stock indexes recovered on Friday after a hammering in the previous session, though markets were still on track to end the week in the red as rising government bond yields and geopolitical tensions weakened risk sentiment.
On Friday, healthcare and financials were the biggest boosts to the S&P 500 and were up 1.6 per cent and 1 per cent, respectively.
Retail-investor platform Robinhood advanced nearly 13 per cent. Crypto exchange operator Coinbase Global added 9.8 per cent and bitcoin-hoarder Strategy rose 7.2 per cent as bitcoin touched its highest mark since late May.
Megacap stocks were mixed as Alphabet and Microsoft gained about 1 per cent each, while Nvidia and Amazon.com dropped 0.3 per cent each.
At 11.47am ET, the Dow Jones Industrial Average rose 0.89 per cent to 53,231.61, the S&P 500 was up 0.66 per cent to 7,691.42, and the Nasdaq Composite gained 0.65 per cent, to 26,235.84.
Ross Stores added 4.8 per cent after the value retailer raised its annual profit forecasts and reported better-than-expected second-quarter results. – Additional reporting: Reuters
