Chipmaker Nvidia surpasses Amazon in value as global stocks edge higher

Global stock indexes edged higher on Monday in advance of this week’s US consumer price index report, as chipmaker Nvidia surpassed Amazon in market capitalisation and catapulted to fourth place on the list of the most valuable companies in the US.

In Ireland, the Iseq All Share Index outperformed European peers, with little on the downside among individual stocks.

Dublin

Euronext Dublin gained 0.66 per cent on Monday, to close at 9,311.83.

It was a positive day for the banks, as AIB rose by 0.35 per cent to €3.99, and Bank of Ireland gained 0.10 per cent to close at €8.23. Meanwhile, Permanent TSB remained flat at €1.65.

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Home builder Cairn Homes was up 0.27 per cent to €1.51 by close of day, while peer Glenveagh Properties rose by 2.10 per cent to €1.26.

Building materials company Kingspan rose by 2.84 per cent to close at €80.40, while packaging giant Smurfit Kappa gained 0.73 per cent to €37.42.

Ryanair fell by 0.05 per cent, to close at €19.99, while insurer FBD Holdings rose by 0.43 per cent to €11.65.

Food company Glanbia rose by 0.44 per cent to €16.03, while peer Kerry Group gained 0.30 per cent to close at €80.38.

London

UK shares edged higher on Monday as markets tracked the upbeat sentiment from Wall Street over the weekend.

The export-heavy FTSE 100 Index gained 0.01 per cent to close at 7,573.69, while the more domestically focused FTSE Mid-Cap 250 Index rose by 0.74 per cent to 19,203.93.

Frasers Group gained 4.98 per cent near to the top of the FTSE 100 Index, after the British retailer said it intended to commence a new share buyback programme with Deutsche Numis for no greater than £80 million (€93.76 million).

Meanwhile, AstraZeneca fell by 2.66 per cent close to the bottom of the FTSE 100 Index, after Barclays cut its price target for the drugmaker to £12,500 from £13,500.

Europe

European shares climbed on Monday, also buoyed by momentum on Wall Street, as traders in Europe look ahead to economic data released this week, including euro zone fourth-quarter GDP growth.

The pan-European Stoxx 600 Index rose by 0.53 per cent to 487.40, hovering around two-year highs. Meanwhile, the French CAC 40 Index rose by 0.55 per cent to 7,689.80 and the German DAX Index rose by 0.65 per cent to 17,037.35.

Among individual movers, shares of Tod’s surged 18.37 per cent after private equity firm L Catterton said it would launch a tender offer to buy 36 per cent of the luxury shoemaker at €43 per share.

Saras dropped 3.73 per cent as global commodity trader Vitol agreed to buy 35 per cent of the oil refiner from Italy’s Moratti family at €1.75 per share, valuing the entire group at €1.7 billion.

Just Eat Takeaway and Delivery Hero were among the top performers on the Stoxx 600, up 8.78 per cent and 4.5 per cent, respectively, after Deutsche Bank raised the target price on the stocks.

Siemens Energy advanced 5.01 per cent after an upgrade by BofA Global Research.

New York

Wall Street’s three main indices all rose on Monday, as investors are gearing up for two crucial inflation reports during the week for clues on the interest-rate cut outlook.

The January consumer price index report is due Tuesday, while the US producer prices report is due later in the week. Investors are also eager to see Thursday’s US retail sales report for January.

Among individual stocks, Nvidia surpassed Amazon in market value for the first time in two decades. Nvidia crossed above Amazon.com in market capitalisation, as the euphoria around artificial intelligence catapulted the chipmaker to the fourth-most valuable US company.

Among other movers, Diamondback Energy gained after announcing a $26-billion (€24.12 billion) deal to buy the largest privately held oil and gas producer in the Permian basin, Endeavor Energy Partners.

Joby Aviation also gained as the electric-powered aircraft maker signed an agreement to launch air taxi services in the Emirate by early 2026. - Additional reporting from Reuters.

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