Business

Global markets flat following mixed bag of US earnings reports

Flutter, which will list in New York on Monday, was down slightly on the day, but traded 2.3 million shares on the close

Traders work on the floor of the New York Stock Exchange. The benchmark S&P 500 and the Nasdaq were flat following a mixed bag of US earnings reports, while the Dow treaded water on the back of losses in industrial conglomerate 3M. Photograph: Spencer Platt/Getty

Colin Gleeson
Tue Jan 23 2024 - 18:58

Global markets were flat on Tuesday as a mixed bag of earnings from industry bellwethers in the United States threatened to douse a recent rally.

Dublin

Euronext Dublin was up just 16 basis points on what was a subdued day of trading in the capital, apart from what was described as a “massive auction” for Paddy Power Betfair parent Flutter Entertainment at the close.

Flutter, which will list in New York on Monday, was down slightly on the day, but traded 2.3 million shares on the close. The trader added: “That’s it now – RIP to Flutter on the Irish Stock Exchange.”

Elsewhere, box-maker Smurfit Kappa was up 1.8 per cent, which was largely in line with the rest of the paper sector. Its US packaging rival WestRock, with which it is set to merge to create an Ireland-headquartered paper giant, traded up 1 per cent.

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Among the financial names, AIB was up 90 basis points, while Bank of Ireland was down 30 basis points. “There was a good bit of trading in both of them,” a trader noted. “We are still seeing quite a bit of interest in them.”

Ryanair, which will report third-quarter results next week, was up 0.5 per cent at close of business. Its peer EasyJet is reporting results on Wednesday, which a trader pointed out will provide “a read” on what to expect from Ryanair on Monday.

“There was decent trading volume in Ryanair,” she added. “There are a lot of people looking at them at the moment.”

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London

The FTSE 100 was flat on the day as it struggled for gains, with a boost for Asia-focused stocks failing to keep the index in the green.

Financial firms Standard Chartered and Prudential and mining giants Anglo American and Rio Tinto were among the biggest risers of the day.

In company news, the owner of Primark revealed that its sales had increased over the all-important Christmas quarter, ticking up by about 2 per cent on a like-for-like basis compared with the previous year.

Associated British Foods, which also owns sugar and grocery brands, said there had been strong demand for Primark’s Christmas ranges and that it had been benefiting from higher average selling prices. AB Foods’ share price was 0.75 per cent higher at close.

It was a good session for Everyman’s share price, which moved higher after the upmarket cinema chain said its sales and earnings had improved over 2023.

The company said it had been slightly affected by writer and actor strikes over the second half of the year, which led to some film releases being delayed.

However, it gave a cheery outlook on new releases set to boost visitors over 2024. Its share price climbed by 5.1 per cent.

Europe

It was a slow session for top markets elsewhere in Europe, with Germany’s Dax closing 0.34 per cent lower and France’s Cac 40 down 0.35 per cent.

The MSCI world equity index, which tracks shares in 49 nations, lost 0.05 per cent after hitting its highest level since late December on Monday.

The European Central Bank meets on Thursday and is expected to hold monetary policy steady.

New York

The benchmark S&P 500 and the Nasdaq were flat following a mixed bag of US earnings reports, while the Dow trod water on the back of losses in industrial conglomerate 3M.

The company tumbled 9.5 per cent after forecasting dour annual earnings as the company grapples with weak demand, while General Electric dropped 2.1 per cent after the engine-maker’s bleak quarterly profit forecast.

Johnson & Johnson fell 2.5 per cent even after reporting quarterly results a nudge above expectations, while Verizon Communications forecast a strong annual profit and posted its highest quarterly subscriber additions in nearly two years, sending its shares up 4.8 per cent. (Additional reporting: Agencies)

Colin Gleeson

Colin Gleeson

Colin Gleeson is an Irish Times reporter

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