B of I down 0.28% amid variable rates debate

Bourses in Europe were mixed with Germany’s Dax higher and France’s Cac 40 turning lower. On Wall Street, the Dow Jones Industrial Average was ahead.

Uncertainty caused by the prospect of Friday’s release of US unemployment figures meant investors were broadly content to sit on the sidelines until after the four-day Easter break. The latest jobs figures are likely to have a bearing on the outlook for US interest rates.

DUBLIN

There was little by way of market news although the positive news continued to flow in regard to the economy. Exchequer figures showed tax payments in the first three months came in 5.5 per cent ahead of target.

One of the main political stories of the day was the treatment by the banks of variable rate mortgage holders. Bank of Ireland closed at €0.35, a fall of 0.28 per cent.

Swiss-Irish food group Aryzta arrested a two-day slide following news it was planning to buy a 49 per cent in French group Picard, albeit its shares merely treaded water, up 8 cent to close at €56.08. Ryanair fell 1.4 per cent, to €10.94, while CRH closed at €24.01, down 0.27 per cent.

LONDON

Marks & Spencer added sparkle to the top-flight as it reported a surprise upturn in fortunes for its beleaguered clothing division, helping its shares jump to a seven-year high. The blue-chip stock added 4 per cent in an otherwise low key session, as the FTSE 100 Index rose 24 points to 6833.5.

House builders, commercial builders and civil engineers all reported weaker growth but there was minimal impact on stocks as Persimmon still rose 3p, to 1650p, and Barratt Developments added 2p, to 523p.

Marks & Spencer rose 23.5p, to 554p, after the 0.7 per cent lift in like-for-like sales in the general merchandise arm, which includes clothing. Its food business also impressed as like-for-like sales in the 13 weeks to March 28th rose by 0.7 per cent, helped by record St Valentine's Day sales.

Primark owner Associated British Foods was up 2 per cent, or 50p, to 2866p and Next rose 55p to 7055p.

Homeware retailer Dunelm was 2 per cent, or 16.5p, higher at 869.5p, after it reported like-for-like growth of 4.9 per cent in the quarter to March 28th.

EUROPE

European stocks slipped, paring a weekly gain, as miners and energy companies retreated. A gauge of commodity producers posted the biggest decline of the 19 industry groups on the Stoxx Europe 600 Index.

Markets in Denmark, Iceland and Norway were shut, while Sweden opened for a half day. All European bourses are closed for Easter holidays on Friday and Monday.

Deutsche Lufthansa fell 2.6 per cent after Barclays cut its recommendation on the airline to equal weight, similar to hold, from overweight. Royal KPN climbed 2.8 per cent after saying it received interest from several parties about the acquisition of its Belgian mobile-phone business, Base.

Greek stocks enjoyed some respite, closing 0.8 per cent higher, but the country was still at the forefront of investors‘ minds amid concerns about its finances if it fails to unlock financial aid from creditors.

NEW YORK

US stocks rose, after a two-day decline, as a trend of mixed economic data continued before today’s government jobs report.

CarMax jumped 9.8 per cent to a record after reporting fourth-quarter adjusted earnings that beat estimates. Expedia and Macy's advanced more than 2.7 per cent. DR Horton, Toll Brothers and Lennar rose more than 1.6 per cent. Time Warner climbed 2.7 per cent, rebounding from its worst two-day slide in 10 weeks. Gannett and Discovery Communications added more than 2 per cent.

Google fell 1 per cent, extending declines to a third day and six out of seven. Shares have slumped 6 per cent during that period. – Additional reporting Bloomberg/Reuters