European shares rounded off their fifth week of gains on Friday, as trade deals out of the US eased tariff worries and strong corporate results provided further boost.
But shares in Wegovy-maker Novo Nordisk fell after a shuffle at the top saw its chief ousted.
DUBLIN
The Irish index of shares ended the week on a sour note, closing half a per cent off the pace.
The market was dragged lower by declines in heavyweights such as Kingspan and Glanbia. The latter was down 2.3 per cent to €11.80 by the close, while insulation specialist Kingspan fell 0.9 per cent to €76.80.
Banking stocks were also lower, with AIB down 0.3 per cent and Bank of Ireland losing 1.1 per cent over the day. Permanent TSB was also lower, falling by 1.4 per cent by the time trading ended for the week.
Food group Kerry was a bright spot in the day’s trading, hitting a high of €96.75 earlier, before falling back to €95.35, a rise of 1.9 per cent over the session.
Travel and leisure stocks were mixed. While hotel group Dalata was up 1.9 per cent to €5.40, airline Ryanair saw its stock decline 1.3 per cent to €22.41. Ferries group Irish Continental was flat.
LONDON
British equities closed higher on Friday, as the recent de-escalation of the global tariff war supported risk appetite, while investors anticipate more trade agreements ahead.
The blue-chip FTSE 100 gained 0.6 per cent, closing at its highest in nearly two months. The index posted a weekly gain of about 1 per cent.
On Friday, president Donald Trump said US officials will send letters to countries in the next few weeks, outlining the costs associated with doing business in the United States, though he did not provide additional details.
UK’s healthcare subindex gained 1.7 per cent, with AstraZeneca posting a 1.9 per cent rise.
Energy stocks gained 0.9 per cent after oil prices edged up.
Heavyweight BP gained 1.2 per cent in the FTSE 100.
Keeping gains in check, precious and industrial metal miners fell 1.9 per cent and 1.6 per cent, respectively, tracking lower gold and copper prices.
Future fell 10.3 per cent, the top loser among midcap stocks, after the publishing firm said it will adopt a “more cautious view” for the second half of the year.
EUROPE
The region-wide STOXX 600 index closed up 0.4 per cent. Most local bourses were also higher, with Germany’s, hovering near a record high.
Luxury group Richemont rose almost 7 per cent after reporting a slightly stronger-than-expected 7 per cent rise in quarterly sales. It lifted the personal and household goods sector, 1.2 per cent, while the luxury index rose 2.2 per cent.
Heavyweight healthcare shares were the biggest boosts, jumping 1.2 per cent, boosted by AstraZeneca and Novartis. But Novo Nordisk fell 1.8 per cent after the drugmaker ousted chief executive Lars Fruergaard Jorgensen on concerns the company is losing its first-mover advantage in the obesity drug market.
The company had earlier this week cut its sales and profit forecast for the first time since the launch of Wegovy four years ago.
NEW YORK
Wall Street was lower on Friday though global equities were still poised for weekly gains, as upbeat earnings helped sustain the rally sparked by a US-China trade truce.
Oil prices remain relatively low, further supporting stocks and bonds.
Wall Street’s main indexes were lower on Friday, but were still on track for a robust weekly gain. MSCI’s gauge of stocks across the globe retreated 0.09 per cent.
The Down Jones Industrial Average fell 0.03 per cent, the S&P 500 retreated 0.07 per cent and the Nasdaq Composite was down 0.27 per cent.
It had largely been a positive week for global equity markets, as investors cheered a tariff truce between the United States and China that greatly reduces the risk of a global recession.
But Walmart, the world’s largest retailer, said it would have to start raising prices later this month due to the high cost of tariffs. – Additional reporting: Reuters
