Shares jump as hard-Brexit fears recede in City
Markets report: C&C’s plan to list on London market sets drinks company’s stocks fizzing
C&C announced plans to move its stock market listing to London from Dublin Photograph: Nick Bradshaw
Fading hard-Brexit fears and good jobs news in the UK boosted shares on Tuesday.
C&C shares fizzed after the Bulmers cider maker announced plans to move its stock market listing to London from Dublin on the basis that most of its revenues and activities were in the UK.
C&C hit a high of €4.125 shortly before 11:30am on Tuesday and closed 2.79 per cent ahead at €2.79.
Elsewhere Brexit-exposed stocks rebounded as the prospect of the UK crashing out of the EU without a deal appeared to diminish.
Banks led the way with gains of close to 7 per cent on the day, albeit with relatively small numbers of shares changing hands, according to dealers.
AIB climbed 6.58 per cent to close at €2.558, while Bank of Ireland surged 6.89 per cent to €4.062. Investors feared the knock-on effect of a no-deal Brexit on the Republic’s economy could hit the lenders.
The pair’s strong performance aided the mortgage-focused Permanent TSB, which ended the day 0.88 per cent up at €1.14 having touched €1.17 in late afternoon.
Airline Ryanair soared 4.16 per cent as its industry, another thought vulnerable to Brexit, was popular with buyers on Tuesday. The Irish low-cost carrier closed at €10.095 on the day but traded up at €10.16 around lunchtime.
Insulation specialist and building materials manufacturer, Kingspan, rose 3.28 per cent to €44.12.
Elsewhere, Paddy Power owner and global betting giant, Flutter Entertainment, was up 2.73 per cent at €80.54. Ingredients and convenience foods maker, Kerry Group, shed 1.11 per cent to €106.80 and fruit and vegetable grower and distributor, Total Produce, rose 1.23 per cent to €1.32.
International Consolidated Airlines’ Group, the owner of Aer Lingus and British Airways, rose 4.06 per cent to 440.7 pence, as investors flocked to aviation on Monday. Rival Easyjet surged 5.44 per cent to 991.6p.
Shares in JD Sports hit an all-time high as the retailer continued to defy the current high-street gloom. Shares in the company closed 55.6p higher at 688.2p at the end of trading.
Bookie 888 Holdings’ shares slid after it raised concerns over Brexit and said gambling tax hit profits. Shares in 888 fell 14.6p to 154.2p.
Builder Galliford Try, which is selling its residential construction business to competitor Bovis, closed 8 per cent up at 664p. However, traders were more pessimistic about Bovis’s part in the deal, as its stock closed 37p or 3.49 per cent lower at 1,022p.
German airline Lufthansa rose 3.16 per cent to €14.54 as its peer, Air France KLM, ticked up 1 per cent to €9.01 after shedding 8.5 per cent on Monday on reports that it could rescue bankrupt carrier Aigle Azur.
Things weren’t so positive at French utility EDF, which sank 7 per cent after warning it had discovered problems with the weldings and other components in some of its nuclear reactors, raising fears about potential closure.
Performance car maker Ferrari saw its shares drop 6 per cent to the bottom of Italy’s FTSE MIB index, with investors booking profits after the automaker unveiled two new cars on Monday. The stock is still up 59 per cent this year.
A fall in technology stocks pulled Wall Street’s main indexes lower on Tuesday as weak economic data from China revived global recession fears, but losses were tempered by hopes of a trade deal. Boeing rose 1.92 per cent despite reporting a 72 per cent fall in plane deliveries in August.
Apple shares edged 0.06 per cent higher ahead of the new iPhone launch while TV streaming market leader, Netflix, was down 0.92 per cent.
Ford Motor Co fell 2.88 per cent after ratings agency Moody’s downgraded its bonds to junk status overnight. Additional reporting – Reuters