Business

Global markets subdued in short trading week as investors await US inflation data

In Ireland, the ISEQ All Share Index had a weaker performance than its European counterparts

The pan-European STOXX 600 Index rose by 0.13 per cent to close at 511.74, while the German DAX Index rose by 0.49 per cent to 18,475.06, and the French CAC 40 Index gained 0.25 per cent to 8,204.81. Photograph: Daniel Roland/FP

Ellen O’Regan
Wed Mar 27 2024 - 18:31

Trading was lean across international markets on Wednesday, as investors look ahead to key US inflation data due on Good Friday, when many markets will be closed.

In Ireland, the ISEQ All Share Index had a weaker performance than its European counterparts, logging an overall loss.

Dublin

Euronext Dublin lost 0.28 per cent on Wednesday, to close at 9,867.82.

The main banks had a weak performance on the day, with AIB falling by 0.61 per cent to €4.58, Bank of Ireland down 0.31 per cent to €9.03, and Permanent TSB losing 0.36 per cent to close at €1.39.

READ MORE

Home builder Cairn Homes edged up by 0.12 per cent to close at €1.61, while peer Glenveagh Properties fell by 0.94 per cent to €1.26.

Meanwhile, building materials company Kingspan saw its share price rise by 0.69 per cent to €84.38.

Food company Kerry Group fell by 1.36 per cent to close at €79.60, while peer Glanbia gained 0.44 per cent, closing at €18.32.

Packaging giant Smurfit Kappa fell by 0.26 per cent on the day to €42.12, while budget airline Ryanair lost 0.24 per cent to close at €20.98.

Tech firm FD Technologies gained 5.93 per cent on Wednesday, to close at €14.30.

London

The export-heavy FTSE 100 Index remained almost flat on Wednesday, gaining just 0.01 per cent to 7,931.98. Meanwhile, the more domestically focused FTSE Mid-Cap 250 Index rose by 0.17 per cent to 19,810.66.

DS Smith jumped 10.23 per cent to the top of the FTSE 100 Index after the firm confirmed it was in discussions with International Paper over an all-stock buyout for £5.72 billion (€6.68 billion) from its US-listed rival.

Specialised products and service distributor Diploma soared 9.46 per cent after the company said it will acquire Peerless Aerospace Fastener for £236 million (€275.47 million).

Paddy Power parent company Flutter Entertainment fell to the bottom of the FTSE 100 Index, losing 8.31 per cent, as on Tuesday the gambling giant reported a loss of $1.2 billion (€1.1 billion) for 2023.

Europe

European stocks also saw a weak day of trading on Wednesday, after closing at a record high in the previous session.

The pan-European Stoxx 600 Index rose by 0.13 per cent to close at 511.74, while the German DAX Index rose by 0.49 per cent to 18,475.06, and the French CAC 40 Index gained 0.25 per cent to 8,204.81.

Swedish software firm Fortnox saw it share price tumble by 14.28 per cent, following a report by the Financial Times that highlighted the group is attracting short sellers.

H&M gained 15.17 per cent after the world’s second-largest listed fashion retailer beat first-quarter operating profit estimates.

Among other major stocks, Deutsche Bank gained 2.68 per cent and notched a six-year high after Morgan Stanley upgraded the German lender to “overweight.”

New York

The Dow Jones Index outpaced Wall Street peers in lean trading on Wednesday, boosted by strong gains in drugmaker Merck, while US investors awaited crucial economic data later in the week.

Merck & Co advanced after the US Food and Drug Administration approved its therapy for adults suffering from a rare lung condition.

Trump Media & Technology Group soared, a day after its Nasdaq debut, while AI giant Nvidia fell, leading losses among megacap growth peers.

Robinhood Markets gained after the online trading app launched a new credit card, while GameStop plunged after the videogame retailer reported lower fourth-quarter revenue and said it had cut an unspecified number of jobs to reduce costs.

The Personal Consumption Expenditures Price Index (PCE), the Federal Reserve’s preferred inflation gauge, is due on Good Friday, when the US stock market will be closed. - Additional reporting from Reuters

Ellen O'Regan

Ellen O’Regan

Ellen O’Regan is an Irish Times journalist.

LATEST STORIES