News of an extension to the tariffs truce between the US and China gave confidence to European investors and shares closed higher on Tuesday.
Sectoral gains were led by energy shares but declines in heavyweight technology stocks limited advances. The European benchmark ended up 0.21 per cent to 547.89 in trading on Tuesday,
DUBLIN
The Iseq All-Share index ended the session up 0.75 per cent to 11,497.68, buoyed by a strong performance by AIB.
The Irish bank rose 2.09 per cent to close at €7.10 in a strong day for the sector. Permanent TSB rose 0.9 per cent, reaching €2.24, while Bank of Ireland gained slightly, up 0.43 per cent to close at €12.935.
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Mid-cap insurance brokers FBD Holdings rose 5.07 per cent to €14.50.
It was a mixed day for the home builders. Glenveagh Properties rose 1.68 per cent, reaching €1.94, but Ires Reit was a drag on the index, falling 2.18 per cent to €0.988. Cairn Homes also fell on the day, dropping 0.68 per cent.
In line with international sectoral movement, airliner Ryanair gained 1.08 per cent, reaching €26.20.
LONDON
The FTSE 100 made steady progress on Tuesday, boosted by a US-China trade extension and broadly as expected US inflation figures.
The FTSE 100 index closed up 0.2 per cent, at 9,147.81. The FTSE 250 ended 0.2 per cent down, at 21,842.69.
In individual shares, half-year results from Spirax Group were seen as “very reassuring”, following a difficult period marked by significant headwinds, analysts said on Tuesday.
Shares in the Cheltenham-based industrial engineering company specialising in thermal energy management and fluid technology solutions soared 13 per cent as it reiterated full-year guidance and reported six-month results in advance of expectations.
Isle of Man-based gambling firm Entain fell back 1.9 per cent after posting a £96 million pretax loss for the six months that ended on June 30th, compared with a profit of £13.7 million the year prior.
Housebuilder Bellway climbed 1.6 per cent as it predicted further growth in the financial year ahead, despite “softer” market conditions in recent months, and reported new home production in advance of guidance.
EUROPE
Most sectors on the benchmark STOXX 600 rose, led by energy with a 1.5 per cent advance. Vestas Wind Systems outperformed peers with a 4.7 per cent gain, after receiving US orders for undisclosed projects.
Heavyweight tech shares fell 2.1 per cent to their lowest levels since early May. Software stocks in particular fell sharply on concerns that artificial intelligence could weaken this technology segment.
SAP slid 7 per cent, while Nemetschek SE was down 11 per cent, the biggest decliners on the index. The stocks logged their steepest one-day declines since 2020.
Sartorius rose 7.4 per cent after Jefferies upgraded the pharmaceutical equipment supplier’s stock rating to “buy” from “hold”.
Most regional indexes were higher, but Germany’s DAX dipped 0.2 per cent. German investor morale fell more than expected in August, an index showed.
Earnings in Europe have been resilient so far, partly because the recent EU-US tariff deal has eased concerns over how Trump’s levies might affect corporate performance. Markets also eyed a Friday meeting between Donald Trump and Russian president Vladimir Putin on Russia’s war in Ukraine.
NEW YORK
In midafternoon trading on Tuesday, Wall Street’s main indexes were all advancing after losing ground in the prior session, with financials, communication services, energy, industrials and materials driving gains.
US stocks have rallied in recent weeks and the tech-heavy Nasdaq touched a record high on Tuesday. The market was boosted by better-than-expected earnings from technology majors, a detente between the US and its top trade partners and on expectations of rate cuts.
Among single stocks, Intel rose after Trump praised its chief executive Lip-Bu Tan following their meeting on Monday, days after seeking Tan’s resignation.
US-listed shares of On Holding climbed after the sportswear maker raised its annual sales forecast.
Cardinal Health fell after the drug distributor said it would buy healthcare management firm Solaris for $1.9 billion. – Additional reporting, Reuters, PA.
