Global stocks rose on Friday despite US government bond yields ticking higher and oil prices holding above $100 (€89.35) a barrel after US President Donald Trump said the US would not attack Iran before next month’s midterm elections.
Brent crude futures added about 0.2 per cent to $104.48 per barrel after surging more than 4 per cent in the previous session.
Dublin
The Dublin market ended the week on a negative note, with the Euronext Dublin down almost 1.1 per cent on Friday.
Banking stocks dipped, with AIB down 1.9 per cent and Bank of Ireland falling 1.7 per cent. Permanent TSB was up 1.35 per cent, following news that long-term dissident shareholder, Scotchstone Capital, has become the latest party to say it is considering making an offer for the bank. Shares in the bank notched up a weekly loss of 1 per cent.
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Insurer FBD fell 1 per cent by the close of the session.
Airline Ryanair saw its shares decline 2.6 per cent over the day, bringing it to a weekly loss of almost 3.6 per cent.
At the other end of the market, insulation specialist Kingspan was up 0.5 per cent, while food group Kerry rose 0.75 per cent to finish the week on a positive note.
London
London’s FTSE 100 rose on Friday and capped a volatile week with modest gains as a retreat in gilt yields helped sentiment, while telecom stocks fell after SpaceX’s acquisition of low-band spectrum rattled the sector.
The blue-chip FTSE 100 index rose 1 per cent to 10,552.05, while the midcap FTSE 250 climbed 1.1 per cent.
For the week, the FTSE 100 and FTSE 250 posted 0.9 per cent and 0.1 per cent rises, respectively, recovering from volatile trading driven by higher oil prices and renewed concerns over inflation, borrowing costs and the outlook for interest rates
Shares in Airtel Money fell 5.6 per cent, below their offer price on Friday, in a muted start to trading for the African mobile money service after a heavily oversubscribed initial public offering
Telecom stocks were among the biggest decliners after SpaceX’s deal to acquire a nationwide portfolio of low-band spectrum licences, paving the way for Starlink Mobile to become a major US telecom operator
Vodafone, Airtel Africa and BT Group fell between 2.4 per cent and 6.3 per cent, making them the FTSE 100’s weakest performers.
Europe
The pan-European STOXX 600 closed 1 per cent higher on Friday, wiping out its weekly fall. The index closed at a nearly four-month low on Thursday as a surge in oil prices and bond yields pushed investors away from risky assets.
Deutsche Telekom fell 7.9 per cent, marking its steepest one-day fall in more than three years. Deutsche Telekom holds a 54 per cent stake in T-Mobile US, which slid 12 per cent in US afternoon trading.
Britain’s Vodafone and Spain’s Telefonica dipped over 4.5 per cent each, while France’s Orange fell 2.5 per cent.
New York
US stock indexes advanced broadly on Friday and were on pace to clock weekly gains, as investors looked forward to the earnings season next week.
Big banks including JPMorgan Chase will kick off the reporting season for the July-September period on Tuesday, as Wall Street remains optimistic about robust earnings that could keep the rally going despite the shaky geopolitical landscape and towering government bond yields.
The tech-heavy Nasdaq was set for a fourth straight weekly advance after hitting record highs earlier this week. Both the S&P 500 and the Dow were also on pace for a positive weekly finish.
By late morning the Dow Jones Industrial Average rose 323.25 points, or 0.63 per cent, to 51,554.89, the S&P 500 gained 37.28 points, or 0.48 per cent, to 7,802.64 and the Nasdaq Composite gained 145.76 points, or 0.54 per cent, to 27,339.70.
Megacap growth stocks were broadly higher, with Amazon.com climbing 2.8 per cent, Microsoft up 2.2 per cent and Tesla rising 2.1 per cent. – Additional reporting: Reuters
