Glenveagh was the standout performer on the Irish market on Thursday, rising 7.6 per cent. It was a volatile day for the European markets, as the Iseq finished up 0.21 per cent, outperforming its European counterparts.
Dublin
Gleanveagh stole the show on the Irish market on Thursday, rising 7.6 per cent to €1.52 a share following positive results and the announcement of a €50 million share buyback scheme.
Kingspan dropped 3 per cent to €75.80 following the release of the Grenfell Tower report on Wednesday. However, the company also traded ex-dividend, which contributed to its overall finish on the market.
Ryanair rose 3 per cent to €15.93 as part of a larger sectoral move with its European airline peers. AIB rose 0.5 per cent to €5.36 a share, while Bank of Ireland was up 0.9 per cent and closed at €10.13, a good performance relative to the market on Thursday.
Origin Enterprises rose 1.12 per cent to €3.33, which came as it announced the acquisition of two agricultural businesses in the UK.
London
Britain’s benchmark FTSE 100 stock index ended lower on Thursday, weighed by a decline in pharma shares, while a handful of stocks traded ex-dividend, adding to losses.
The blue-chip index closed down 0.3 per cent, falling for the fifth consecutive session for the first time since May.
The domestically focused mid-cap FTSE 250 index lost 0.2 per cent after touching a nearly one-month low on Wednesday.
The pharma and biotech index was the biggest sector loser, tumbling 2.9 per cent, as drugmaker AstraZeneca sank 3.9 per cent.
Police in China have detained five current and former AstraZeneca employees for questioning about potential illegal activities, Bloomberg News reported, citing people familiar with the matter.
Europe
The CAC 40 slipped by 0.92 per cent on Thursday, while Euronext 100 fell by 0.39 per cent. Yields have slid this week as markets have fretted about the August US employment report, due on Friday, and reacted to figures on Wednesday showing American job openings fell to their lowest level in 3½ years in July.
It was a volatile session on Thursday as investors digested more data that showed US private payrolls increased less than expected in August, but services sector activity was steady.
Germany’s two-year bond yield, which is sensitive to European Central Bank rate expectations, fell to 2.288 per cent on Thursday, its lowest since a previous bout of economic worries sent yields tumbling on August 5th. It was last down marginally at 2.299 per cent.
Investors have nudged up their bets on US and European interest rate cuts this week, helping pull down bond yields, while also moving into the safety of government debt as stocks have stumbled.
New York
The Nasdaq and the S&P 500 inched up on Thursday after a services activity survey allayed some fears of a slowdown in economic activity, while focus continues to lie with the Federal Reserve’s interest rate cut, expected later this month.
An Institute for Supply Management survey showed services sector activity, a large part of the US economy, rose to 51.5 in August, above expectations of 51.1.
Aiding sentiment, the number of Americans filing new applications for jobless benefits declined last week, according to a Labor Department report.
On the flip side, ADP National Employment data showed private employers hired the fewest workers in 3½ years in August, ahead of Friday’s crucial nonfarm payrolls figure.
The tech-heavy Nasdaq outperformed, led by Nvidia, which rose 2.5 per cent, after the AI chip firm fell more than 11 per cent in the previous two sessions.
Other megacap stocks also rebounded, with Amazon.com rising 3.2 per cent, while Apple and Alphabet added more than 1.2 per cent each. Additional reporting: Reuters
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
