European stocks still on winning streak

Permanent TSB closes up 4.8% while both Bank of Ireland and Ryanair fall slightly

Permanent TSB was the star performer on the Dublin market yesterday, closing up 4.8 per cent at €5.31 with 2.5 million shares changing hands.

Permanent TSB was the star performer on the Dublin market yesterday, closing up 4.8 per cent at €5.31 with 2.5 million shares changing hands.

 

European stocks were little changed, posting their longest winning streak since January, amid mixed earnings reports from Ericsson and Volvo.

The Stoxx Europe 600 Index added less than 0.1 per cent to 405.68 at the close of trading, taking its weekly advance to 4.3 per cent, the most since January.

The gauge has rebounded 8.8 per cent from a July 7th low amid optimism over Greece, after almost entering a correction.

In Ireland, the Iseq Overall Index closed down by 0.2 per cent at 6,480.87.

DUBLIN

Permanent TSB

Glanbia was up 2.8 per cent at €19.17. On Wednesday, Standard Life announced that its holding in Glanbia had risen above 3 per cent.

Among the fallers, Bank of Ireland finished lower by 0.3 per cent at 37 cent while Ryanair closed down 0.6 per cent at €12.53.

LONDON

Mark Carney

Anglo American and Royal Dutch Shell fell 1.5 per cent each as gauges of European miners and oil companies posted declines.

Marks and Spencer lost 1.2 per cent after clothing head John Dixon unexpectedly resigned from the UK retailer.

888 Holdings surged 8.6 per cent after agreeing to buy online gaming company Bwin.party Digital Entertainment for about $1.4 billion.

The FTSE 100 Index lost 0.3 per cent to 6,775.08 at the close in London. The FTSE All-Share Index fell 0.3 per cent.

EUROPE

EricssonVolvo

Among other stocks moving on corporate news, Givaudan rose 4 per cent after the world’s largest maker of flavours and fragrance reported a surprise increase in first-half earnings.

Boliden and Schibsted jumped more than 7.3 per cent after they each reported second-quarter profit that beat estimates.

Credit Suisse Group fell 1.6 per cent after Deutsche Bank said it no longer recommended buying the shares. Fortum lost 6.9 per cent after posting a drop in quarterly profit.

NEW YORK

GoogleBoeing

Google surged more than 16.8 per cent to a record high of $703, a day after reporting strong ad revenue growth.

Facebook rose nearly 5 per cent to a record high of $95.39 on hopes that it could mirror Google’s ad growth. Etsy spiked nearly 40 per cent thanks to a nod from Google during its conference call.

Crude oil prices slipped in choppy trading due to a strong dollar and fears of increased exports, pushing the S&P 500 energy index down 1.5 per cent to its lowest level since January 2013.

Exxon, down 0.3 per cent, and Chevron, down 1.2 per cent, were the biggest drag on the sector.

At lunchtime, the Nasdaq Composite was up 26.79 points, or 0.52 per cent, at 5,189.97. The index touched a record intraday high of 5,198.73.

The Dow Jones Industrial Average was down 62.33 points, or 0.34 per cent, at 18,057.92 and the S&P 500 was down 1.84 points, or 0.09 per cent, at 2,122.45. – (Additional reporting by Bloomberg and Reuters)