European shares end higher as major commodity stocks reverse losses

Iseq struggles to stay positive with Kerry and Glanbia keeping it from falling into the red

Europe’s benchmark stock index edged higher on Tuesday as stability in the bond market gave shares some breathing room, with major commodity-linked stocks reversing losses on a turnabout in oil and metal prices.


The Iseq struggled to stay in positive territory, closing up just 0.2 per cent higher at 7537.99.

Dalata was up 0.8 per cent to €4.19 after the hotel group announced a €112 million Covid-linked loss and the departure of founder and chief executive Pat McCann.

Airlines have been flying high after Boris Johnson's announcement on the lifting of Covid restrictions in Britain last year. However, shares nosedived on Tuesday with Ryanair coming off the worse, down 3 per cent to €16.36.


Kerry Group continued to recover after its shares slumped last year after a short seller questioned its M&A record. It closed up 4 per cent on Tuesday to €106.7. Glanbia was another big mover, also gaining 4 per cent.

Flutter was weak, down 1.9 per cent to €162.95 after publishing its latest numbers.

In the construction sector, Kingspan was up 1.8 per cent to €61.95, while CRH, which is due to publish results on Thursday, rose 1.3 per cent to €37.15.

AIB is publishing its results a day later. It closed 1.7 per cent higher to €1.94, boosted by confirmation of its acquisition of Goodbody. Bank of Ireland fell 0.6 per cent to €3.49.


London’s Ftse 100 rose on Tuesday, led by gains in mining and financial stocks, although the domestically oriented midcap index tripped on the eve of chancellor Rishi Sunak’s new budget plan.

After rallying as much as 1.1 per cent in the afternoon trade, the blue-chip index closed 0.4 per cent higher, with heavyweights mining, banks and insurance among the top boosters.

The Ftse 250 index ended 0.2 per cent lower. However, losses were capped by engineering firm Renishaw, which surged 19 per cent to a record high after saying it was seeking a buyer after its founders announced their plans to sell their respective majority stakes in the company.

Travis Perkins, Britain's biggest seller of building materials, fell 3.3 per cent, after it restarted the process of demerging its Wickes home-improvement business.

French Connection Group tumbled 8.2 per cent after saying it was seeking new offers after a suitor backed out of preliminary talks to buy the struggling fashion retailer.


The pan-regional Stoxx 600 index rose 0.2 per cent after marking its best day in nearly four months on Monday, with mining stocks among the top gainers as copper prices steadied near-10-year highs.

Among individual movers, Swiss chocolate maker Lindt & Spruengli jumped 3.3 per cent after saying it was aiming for 6-8 per cent organic sales growth this year thanks to pent-up demand after the pandemic hit its business.

German remote connectivity software company TeamViewer rose 4.2 per cent after it said it had acquired Upskill, a US company that specialises in augmented reality applications for front-line workers.

French yogurt maker Danone slipped nearly 2 per cent as investors questioned whether a recent splitting of its chairman and chief executive roles would give a new chief executive room to act.


Wall Street’s main indexes dropped on Tuesday after a strong start to March as bond yields pulled back from a one-year high, while investors also looked to cues on progress in the next round of fiscal stimulus.

Kohl's rose about 1.5 per cent as it posted holiday-quarter results beyond market expectations on a boost in online sales and as the company reined in costs.

TV ratings provider Nielsen gained nearly 5 per cent after it sold its advanced video advertising business to television streaming platform provider Roku. Shares of Roku dropped 3.6 per cent.

Charlie Taylor

Charlie Taylor

Charlie Taylor is a former Irish Times business journalist