Irish shares advanced for the first day this week,with C&C among the top performers as the cider maker issued a positive trading update, while wider European markets took a breather from a sustained sell-off in recent days.
The Iseq rose 1.6 per cent to 5,512.6 points, clawing back some of the territory lost over the past three sessions. In London, the FTSE 100 gained 1.3 per cent, while the wider Eurpoean market, measured by the Stoxx 600 index, also rose 1.3 per cent.
Investor sentiment took a knock in the wake of the Brexit vote and demand for haven assets got a boost this week as seven UK property funds froze withdrawals amid a surge in redemptions. Business confidence in the UK is the weakest it’s been since 2011, a report showed Thursday.
"Ripple effects from the UK's decision to leave the EU continue," said Mitsushige Akino, a Tokyo-based executive officer at Ichiyoshi Asset Management. "The wait-and-see mood will continue with investors trying to gauge the impact."
While services data on Wednesday signaled the US economy may have been gaining speed before Brexit, payrolls figures on Friday will be key to investors’ perceptions of where the Fed stands on its original plan to potentially raise rates twice this year.
In Dublin, C&C rose 2.75 per cent to €3.545, as the compay reported strong volume rowth in Ireland and Scotland in the first quarter, with Bulmers volumes up 9 per cent on the year, helped by decent weather in March and May.
Elsewhere, Bank of Ireland gained 4.2 per cent, following heavy losses recently, while Ryanair added 2.6 per cent.
On the curreny markets, sterling added 0.1 per cent to $1.2946, after sinking to a 31-year low of $1.2798 on Wednesday.
(Additional reporting: Bloomberg.)
