European shares ended the week on a high with markets boosted by a rally in tech stocks. Investors, meanwhile, were analysing the euro zone inflation report to assess the likelihood of a larger interest rate cut in December.
Dublin
The Irish index of shares rose 1 per cent, finishing the week in positive territory as gains in financial, food and leisure shares helped buoy the market.
Bank of Ireland stock held up over the session, closing almost flat at €8.29, while AIB gained almost 1 per cent to end the week at €5.15. PTSB stock added 2 per cent to close at €1.49, while insurer FBD was up 2 per cent to €12.50.
Airline Ryanair gained 2.3 per cent over the day, finishing the session at €18.62, while ferries company Irish Continental Group saw its share price lose 1 per cent.
Glanbia and Kerry Group both gained ground on Friday. The latter added more than 2 per cent to its share price, while Glanbia’s gains were more muted at 0.14 per cent.
Insulation specialist Kingspan shed 0.5 per cent, closing the week at €71.20.
London
The UK’s benchmark FTSE 100 ended flat on Friday amid low trading volumes, as gains in mining shares countered weakness in defence stocks, while the stock index logged its first monthly gain in three.
The FTSE 100 was largely unchanged at 8,287.3 points, while the domestically focused midcap FTSE 250 also held its ground at 20,771.57. Trading volumes were lighter than usual with the US equity market open for half a day following Thursday’s Thanksgiving holiday.
The aerospace and defence sector fell 0.9 per cent, as shares of BAE Systems and Qinetiq dropped 4.9 per cent and 3.5 per cent respectively after BofA Global Research downgraded the defence stocks.
Among others, London-listed Georgian banks TBC Bank and Bank of Georgia dropped 5.9 per cent and 6.2 per cent, respectively, as the Georgian government is set to suspend talks on EU accession and refuse budgetary grants until 2028.
Spire Healthcare climbed 2.7 per cent following a media report that India’s Narayana Health is in advanced talks to acquire a controlling stake in the company.
Europe
Europe’s STOXX 600 ended the week on a high note, bolstered by a rally in tech stocks. The pan-European main stock index reversed earlier losses and was up 0.6 per cent at 510.25 points on Friday, logging its first monthly gain since August. It rose 1 per cent in November. On a weekly basis it logged a modest 0.2 per cent decline.
Technology stocks were the biggest boost to the index, gaining 1.6 per cent.
The basic resources subindex gained 1.6 per cent, driven by a 5.4 per cent rise in miner Anglo American following a Jefferies’ rating upgrade to “buy” from “hold”.
BAE Systems lost nearly 5 per cent after BofA Global downgraded the defence firm to “underperform” from “neutral”.
New York
The S&P 500 and Dow Jones Industrial Average notched record closing highs in a shortened Black Friday session, lifted by select technology stocks, while retail was in focus as the holiday shopping season kicked off.
Information technology stocks including Nvidia helped boost the benchmark S&P 500 while the industrial and financial sectors lifted the blue-chip Dow.
Investors monitored shoppers’ response to deep Black Friday discounts. Adobe Analytics estimated consumers would spend a record $10.8 billion in online purchases, up 9.9 per cent on Black Friday last year. Shares of Target, Hasbro and Macy’s rose.
The S&P 500 rose 0.56 per cent to 6,032.44 points. The Nasdaq gained 0.83 per cent to 19,218.17 points, while the Dow Jones Industrial Average was up 0.42 per cent at 44,910.65 points.
Chip stocks rebounded from Wednesday’s declines, sending the Philadelphia SE Semiconductor index higher. – Additional reporting: Reuters
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