Global shares rebounded from last week’s steep sell-off and silver prices surged on Monday as retail investors expanded their social-media-fuelled battle with Wall Street to drive the precious metal to an eight-year high.
Dublin
Euronext Dublin finished the day up 1.1 per cent on Monday mainly on the back of Ryanair results.
“While the company’s results came out slightly below where markets had forecast, the stock rose following a more bullish tone on the investor call,” noted a trader. The airline’s stock was up 1.15 per cent at the end of trading.
Paper packaging company Smurfit Kappa and Paddy Power Betfair owner Flutter Entertainment both bounced back following weak endings to last week, up 2 per cent and 2.3 per cent respectively.
The banks also fared well after a difficult week last week, with Bank of Ireland up 1.6 per cent and AIB up 0.8 per cent.
Insulation-maker Kingspan was flat on the day as it continued to struggle with the fallout from the Grenfell Tower tragedy inquiry.
Dalata Hotel Group – the biggest hotel operator in the State – was down 2.5 per cent as lockdown measures continued. It gave up some of the gains it made last week.
London
British shares rose, led by gains in mining stocks as silver became the latest target of a retail investor trading frenzy, while fashion retailer Asos gained on a deal to buy rival brands and JD Sports surged following its second acquisition in the United States.
The blue-chip FTSE 100 index gained 0.9 per cent, recovering from its worst session in three months, with miners and construction stocks gaining the most. The mid-cap index added 0.8 per cent.
BHP Group, Rio Tinto and Anglo American were the top gainers in the FTSE 100 index. Silver prices surged to an eight-year high, silver-mining stocks leapt and bullion dealers were scrambling as small-time investors piled in to the metal.
Shares of Asos gained 6.9 per cent after the fashion retailer's acquisition of Topshop, Topman, Miss Selfridge and HIIT brands from the administrators of Philip Green's collapsed Arcadia group.
Britain's biggest sportswear retailer JD Sports jumped 7 per cent on a takeover deal to buy DTLR Villa, its second acquisition in the US, as the retailer expands its business on the west coast.
Europe
European stocks slid on Friday, recording their worst weekly performance since October as concerns around the slow rollout of Covid-19 vaccines mount, while a retail trading frenzy led to volatility on Wall Street.
The benchmark Stoxx 600 index closed 1.9 per cent lower, erasing all of January’s gains and ending the week down 3.1 per cent. Germany’s Dax fell 1.7 per cent.
In a busy day for earnings, Sweden's Ericsson jumped 7.6 per cent after reporting fourth-quarter core earnings ahead of market estimates on the back of strong sales of 5G equipment.
Daimler edged up 0.9 per cent after it said a strong fourth quarter helped it post better-than-expected 2020 group operating profit and that it was optimistic for 2021.
Swedish fashion retailer H&M fell 5 per cent as it braced for a loss in the first quarter after full-year profits plummeted due to Covid-19.
New York
Wall Street’s main indexes climbed on Monday following a steep sell-off last week, as a shift in the retail trading frenzy to silver drove up mining stocks and investors monitored progress in talks over economic stimulus.
Silver miners Hecla Mining, Coeur Mining and Wheaton Precious Metals surged between 5 per cent and 26 per cent.
The CBOE volatility index eased on Monday from three-month highs fuelled by a surge in shares of GameStop, AMC Entertainment and others that burned hedge funds which had bet against the companies. GameStop was down about 18 per cent, while AMC jumped another 8 per cent on Monday.
Ten of the 11 major S&P sectors advanced, with technology leading gains. Energy and consumer staples lagged the most. – (Additional reporting: agencies)
