European markets ended the third quarter on a high as investors bet that interest rates would stabilise after inflation showed signs of easing.
Dublin
Traders reported a quiet end to the quarter with little corporate news to spark activity. Betting giant Flutter Entertainment slipped 1.3 per cent to €154.90, hitting gains made on Thursday.
Dealers noted that rivals 888, owner of William Hill, and Ladbroke’s parent, Entain, both warned recently that tougher regulations would hit revenues. Flutter’s stock also slipped in London.
Food group Glanbia closed 1.83 per cent up at €15.61 while rival Kerry added 2.8 per cent to €79.18. Kingspan inched 0.85 per cent up to €70.96.
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Elsewhere, AIB added 1.28 per cent to €4.26 while its peer Bank of Ireland dipped 0.28 per cent to €9.29.
London
London’s blue chip FTSE 100 kept its head above water as energy giants’ losses dragged on gains for property and utilities.
Shares Severn Trent rose 4.42 per cent to 2,365 pence sterling after the water supplier said it was seeking to raise £1 billion (€1.15 billion) to help support a transformation plan that will create new jobs across the midlands.
TGI Fridays owner Hostmore saw its shares surge almost 15 per cent to 15.8p after reporting plans to cut more costs across the business and saying it saw inflationary pressures easing.
However, a dip in crude prices hit oil companies. Shell shed 2 per cent to 2606p. BP slipped 1.8 per cent 531.4p.
Europe
Europe’s Stoxx 600 equity index, which tracks leading shares across 18 markets, rose more than 1 per cent, as data showing euro-area inflation at a one-year low bolstered expectations that interest rates in the bloc could stay on hold.
Rate-sensitive sectors, such as real estate and luxury led the gains, with the latter also boosted by a bullish strategy note from Bank of America.
Shares in handbags and champagne maker Louis Vuitton Moët Hennessy (LVMH) sparkled, rising 1.47 per cent to €716.40. Gucci-owner Kering climbed 0.6 per cent to €431.90. Commerzbank gained 11 per cent to €10.79.
Oil and energy group TotalEnergies was 2.06 per cent off at €62.31. Car parts and arms manufacturer Rheinmetall slipped 3.1 per cent to €243.90.
US
The S&P 500 and the Nasdaq rose on Friday after a softer-than-expected reading on a crucial inflation metric kept alive hopes of a pause in the Federal Reserve’s rate hikes, though all three main Wall Street indexes were on track for quarterly declines.
Leading growth stocks including Apple, Microsoft, Tesla, Alphabet, Amazon and Nvidia advanced between 0.7 per cent and 2.3 per cent.
Energy was a drag, down 1.9 per cent. But the sector is set to emerge as the only big S&P 500 sector to notch monthly gains.
At 3.55pm Irish time, the Dow Jones Industrial Average was down 66.49 points at 33,599.85, the S&P 500 was up 4.75 points at 4,304.45, and the Nasdaq Composite was up 72.08 points at 13,273.36. – Additional reporting: Bloomberg, Reuters
