A gain in Deutsche Bank and positive earnings reports helped push European stocks higher, but the gains were not evenly spread.
The Iseq in Dublin nudged ahead by just 0.2 per cent while Britain’s top share index actually slipped 0.4 per cent. News of China’s slowing economy sapped London-listed mining stocks.
Germany’s DAX led the way and ended the session 0.6 per cent higher, while France’s Cac 40 was flat.
US stocks fluctuated as Morgan Stanley kicked off a busy week of corporate earnings with disappointing results, while the prospect of deals boosted chipmakers. The slowdown in Chinese growth also sent commodities lower.
DUBLIN
Property companies were among the better performers on the Irish Stock Exchange on Monday, when trading volumes were relatively light.
Green REIT finished the session up about 1.7 per cent to close at more than €1.51 per share. Davy stockbrokers said it is well positioned to capitalise on the expected double-digit growth that is likely to inflate the Dublin commercial rental market. Hibernia REIT also rose close to 2 per cent.
Irish Ferries operator Irish Continental Group continued its strong run, finishing up more than 2.5 per cent to close at €4.50. Investors have been buoyed since the summer by its growing revenues and insistence it will be debt-free by the end of next year.
Tullow Oil, which is also listed in London, took another hiding on Monday, falling more than 5 per cent on the back of the generally poor performance of commodities-linked companies.
LONDON
Shares in
UTV Media
were up 10.5p to 184p on the deal with ITV, which was up 0.8p at 249.5p. ITV said buying the Northern Ireland-based company’s television arm for £100 million would further strengthen its free-to-air business.
Barclays was a strong riser in the top flight, up 3.9p to 254.7p, with the market warming to recent reports that the bank is poised to appoint former JP Morgan banker Jes Staley as its new chief executive.
Recent slides in the gold price saw precious metal miners among the biggest fallers with Randgold Resources down 85p at 4487p and silver miner Fresnillo 25p lower to 734.5p.
Commodity firms were also shaken by the latest data from China, with Royal Dutch Shell down 35p to 1799.5p, Anglo American 49.8p lower to 625.5p and BHP Billiton off 33.5p to 1096p.
EUROPE
Deutsche
rose 3.7 per cent as investors welcomed chief executive John Cryan’s plan to restructure the German bank.
Danone gained 2 per cent after the world's biggest yogurt maker reported third-quarter sales that beat analysts' estimates as Chinese consumers ordered more foreign-made infant formula.
German retailer Metro rose 2.5 per cent.
Wincor Nixdorf surged 17 per cent after Diebold said it offered €1.57 billion to buy the maker of ATMs and cash registers.
Fiat Chrysler climbed 1.8 per cent after reports that Ferrari's initial public offering is oversubscribed.
NEW YORK
The S&P 500 healthcare index rose for a third consecutive day to the highest level in almost a month, led by a 2.5 per cent gain for
Regeneron Pharmaceuticals
, while
Amgen
added 2 per cent.
Consumer discretionary companies advanced, as Priceline and Netflix added more than 2.2 per cent each.
Nike rose 1.8 per cent as shares of the world's largest maker of athletic gear were raised to buy from hold at BB&T Capital Markets.
Weight Watchers jumped more than 97 per cent on news that Oprah Winfrey will buy 10 per cent of the company and join its board. – (Additional reporting: Bloomberg/Reuters/PA)
