Shares rise on optimistic comments from US Federal Reserve chairman

Shares rose on Thursday following comments from Federal Reserve chairman Jerome Powell that the US central bank remained on course to cut interest rates this year.

DUBLIN

Slides in leading stocks left the Irish market trailing European peers on Thursday, dealers said.

Lender Permanent TSB was one of the leading performers on the day, climbing 7.53 per cent to €1.50 following what traders said was a late move for the bank’s shares. However, they cautioned that volumes were light.

Ingredients and convenience food group Kerry shed 2.07 per cent to €77.95. Dealers said there was nothing significant in the move but one noted that “the sector is just a bit unloved at the moment”.

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Insulation specialist Kingspan slipped 1.52 per cent to €84.05 while airline Ryanair dipped 0.43 per cent to €20.98.

LONDON

British stocks edged higher on Thursday, but observers said caution prevailed as investors waited on key economic and fiscal policy data, including European and UK purchasing managers’ indices.

Miner and industrial metals group Glencore climbed 1.15 per cent to 463.55 pence sterling as copper prices rose 1.6 per cent on Thursday.

Signs that the Chinese economy was picking up spurred interest in commodities, particularly metals, as the Asian giant focuses heavily on manufacturing.

The news sent Anglo American stock surging 3.05 per cent to 2,110.5p. Antofagasta climbed 4.67 per cent to 2,198.

Elsewhere, Cab Payments closed 7.6 per cent ahead at 119p after the fintech company got a payment service provider licence in the Netherlands. Reports indicated that the stock gained almost 12 per cent in earlier trading.

InterContinental Hotels slipped 1.9 per cent to 7,954p as its shares traded ex-dividend. Packaging maker Mondi, a rival of Irish-listed Smurfit Kappa, shed 3.4 per cent to 1,420p.

EUROPE

Shares in Swedish carmaker Volvo Cars accelerated 6.7 per cent to 41.59 kroner after the group reported that it sold a record 78,970 vehicles in March, 25 per cent more than in the same month last year, with its fully electric SUV, the EX30 contributing to the boost.

The Stoxx 600, which tracks 600 shares across 18 markets, rose around 0.2 per cent, aided by miners and carmakers, while chemicals slipped.

US

Wall Street’s main stock indexes advanced on Thursday as recent economic reports boosted the prospect of monetary policy easing.

Initial claims for state unemployment benefits rose to 221,000 for the week ended March 30 versus an estimate of 214,000, bolstering the case for the Federal Reserve’s target of three interest rate cuts this year.

Ten of the 11 big S&P 500 sectors were trading higher, with information technology leading gains, up 1.2 per cent, while rate-sensitive real estate rose around 1 per cent.

Most megacap growth stocks edged up in early trading, with Meta Platforms, Amazon and Nvidia up between 1.2 per cent and 3.1 per cent.

Levi Strauss jumped 16.8 per cent after the jeans maker raised its annual profit forecast, citing savings from its recent cost-cutting measures and fewer discounts. — Additional reporting: Bloomberg, Reuters