European markets hit two-week high on hopes of lower gas prices

European markets made strong gains on Monday as they were boosted by easing gas prices and buoyant retail stocks.

DUBLIN

The Irish market rose almost 2 per cent on Monday, buoyed by heavyweight stocks in the manufacturing and building sector. Among the day’s gainers were CRH, which saw its stock increase almost 2.4 per cent to €37.50. Insulation specialist Kingspan added 2.26 per cent over the day, closing at €61.60.

Paddy Power owner Flutter Entertainment rose just under 5 per cent over the session, closing at €123.80.

Among the other stocks making gains over the day were Permanent TSB, which added 3.75 per cent, and AIB, which rose just under 1 per cent.

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LONDON

Retailers including Tesco and Sainsbury’s continued their strong rebound after the government confirmed plans to freeze energy bills for households, boosting consumer spending power over the coming months. The FTSE 100 increased to its highest level so far this month as a result, ending the day up 121,96 points, or 1.66 per cent, at 7,473.03.

Serco shares slumped after the outsourcing giant confirmed its chief executive, Rupert Soames, will retire after leading the firm’s turnaround. Shares in the company finished 12.2p lower at 168p at the close of play.

Hotel Chocolat edged higher in value despite confirming it will stop sales to customers through its own websites in the US. Nevertheless, it saw shares closed 0.5p higher at 137.5p.

Wagamama owner The Restaurant Group finished in the red on Monday after brokers at Liberum cut their target price for the stock. Shares moved 0.5p lower to 46p.

EUROPE

European shares hit a two-week high on Monday on hopes of some easing in energy prices, and banks rallied to near four-week highs on bets of more jumbo-sized interest rate hikes in Europe.

The pan-European STOXX 600 index rose 1.8 per cent, following its first weekly gain in a month on Friday. The German Dax improved 2.4 per cent by the end of the session and the French CAC finished 1.95 per cent higher as progress by Ukrainian fighters over the weekend also aided sentiment.

All main sectors in Europe were in positive, with retail stocks up 4.5 per cent. Orpea shares plunged 21.5 per cent after the debt-laden French care home company said its financial performance is expected to decline further in the second half of the year.

Swiss Re rose 2.6 per cent as it said global geopolitical tensions, macroeconomic developments and climate change have heightened demand for risk protection and will lead to increased premiums.

NEW YORK

Energy and technology shares powered US stock indexes to their highest in more than two weeks on Monday in advance of a crucial inflation reading this week that could determine the pace of interest rate hikes by the Federal Reserve.

At 11.50am, the Dow Jones Industrial Average was up 221.67 points, or 0.69 per cent, at 32,373.38, the S&P 500 was up 36.68 points, or 0.90 per cent, at 4,104.04, and the Nasdaq Composite was up 112.19 points, or 0.93 per cent, at 12,224.49.

Rate-sensitive technology and growth stocks such as Microsoft, Amazon, Tesla and Apple added between 0.7 per cent and 3 per cent, providing the biggest boost to the S&P 500 and the Nasdaq.

Bristol-Myers Squibb gained 5.5 per cent after the U.S. Food and Drug Administration approved the company’s oral treatment for adults with plaque psoriasis. Shares of Amgen, which makes psoriasis drug Otezla, fell 3.5 per cent.

Carvana Co jumped 8.2 per cent as Piper Sandler upgraded the online used car seller’s stock to “overweight” from “neutral”, saying it is grossly undervalued.

Twitter slipped 1.7 per cent after the social media company said it did not breach any agreement for paying a whistleblower, and that Elon Musk’s attempt to terminate his $44 billion deal was invalid.

— Additional reporting: Reuters, PA