European stocks snapped a four-day losing streak as earnings boosted regional performance. The European Stoxx 600 index closed 1 per cent higher as the EU prepares list of potential tariffs on US services ahead of the August 1st deadline.
DUBLIN
The Iseq All-Share index rose 0.93 per cent to 11,250.91.
Homebuilding stocks outperformed the wider Dublin market on Thursday, with Glenveagh Properties adding 2.42 per cent to its stock price and Cairn Homes adding 1.83 per cent.
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Rare earths miner Kenmare Resources rose 7.82 per cent, rebounding from a sharp fall in trading on Wednesday after publishing its interim results. Healthcare services group Uniphar added 5.48 per cent, bringing its share price to €3.66.
Ryanair underperformed the wider index, rising 0.25 per cent to €23.61, after UK-listed EasyJet posting a lower than expected quarterly performance. Greencoat Renewables fell 1.64 per cent, the only stock to lose ground on Thursday.
LONDON
The blue-chip FTSE 100 rose 0.5 per cent, while the midcap FTSE 250 index added 0.8 per cent to close at a more than three-year high.
Ocado jumped 18.5 per cent, leading gains in the midcap index, as the online supermarket and technology group reported a 76.5 per cent rise in underlying earnings in its first half and said the priority is to turn cash positive in the next financial year.
Among other stocks, EasyJet fell by 4.9 per cent as the low-cost carrier said a strike by French air traffic controllers earlier this month and rising fuel costs would hit its annual profit.
Shares of technical products and service distributor Diploma jumped 6.4 per cent to an all-time high after it upgraded its full-year organic revenue growth.
Coats Group slumped 12.3 per cent to the bottom of the midcap index after the thread manufacturer said it would buy US-based footwear insole maker OrthoLite for $770 million, including debt.
EUROPE
The pan-European Stoxx 600 index closed 1 per cent higher. Most major regional bourses also gained, with Germany benchmark DAX gaining 1.5 per cent.
Swiss engineering group ABB jumped almost 10 per cent after posting its highest quarterly order intake yet, driven by demand for products used in data centres to support artificial intelligence.
France’s Legrand gained close to 9 per cent after the electrical infrastructure provider hiked its annual sales target driven by strong growth in North American data centre segment. Rival Schneider Electric also jumped 7.7 per cent.
European chipmakers recouped some losses from the previous session with TSMC, the world’s main producer of advanced AI chips, posting record profit in the second quarter boosting sentiment. ASML rose 3.9 per cent, following an 11 per cent drop on Wednesday.
Tomra Systems dropped 13.3 per cent, the worst day since October 2023, after the Norwegian group posted a second-quarter net sales miss.
Swedish carmaker Volvo Cars advanced 7.9 per cent after reporting a sharp decline in second-quarter operating profit that still exceeded analyst expectations.
NEW YORK
The Nasdaq reached a record high in midafternoon trading on Thursday, leading a cautious climb across Wall Street’s major indexes, as strong economic data lifted spirits and airline stocks took off on United Airlines’ results.
US retail sales bounced back sharply in June, signalling renewed economic momentum and giving the Federal Reserve more reason to hold off on rate cuts as it weighs the inflationary impact of import tariffs.
Another pointer for the consumer health, PepsiCo forecast upbeat results, fuelled by demand for energy drinks and healthier sodas, helping it offset concerns about a dip in annual core profit. The company’s shares jumped as a result.
United Airlines gained after the carrier projected stronger demand since early July, offering a rare bright spot for an industry strained by Trump’s budget cuts and trade tensions. Rivals Delta and American Airlines also added following the news.
US chipmakers edged up after TSMC, the world’s main producer of advanced AI chips, posted a record quarterly profit, saying demand for artificial intelligence was getting stronger. – Additional reporting, Reuters, PA.
