Earnings news boosted European shares on Friday as US data sounded an inflation warning.
DUBLIN
Traders said activity on the Dublin market was “lethargic” as the Iseq index finished the session fractionally ahead, with no news to spur investors. “It was all a bit quieter today,” said one.
Glanbia shed 1.82 per cent to close at €9.99. Dealers said the shares were still feeling the impact of the news that activist investor Clearway Capital was demanding a strategic review of the food and nutrition business.
Insulation and building materials group Kingspan climbed 4.27 per cent to €74.50. There was nothing stock specific behind the move, dealers noted. The group reports first-quarter results at the end of the month.
Housebuilder Glenveagh Properties added 1.85 per cent to close at €1.65.
LONDON
London’s blue-chip FTSE 100 closed up almost eight points on Friday, a rise of 0.09 per cent for its tenth positive session in a row. It is the index’s longest winning run since 2019, when Boris Johnson’s election win sparked a relief rally.
Aircraft engine and components manufacturer Melrose Industries posted the strongest performance, adding 3.77 per cent to 429.4 pence sterling.
Ben & Jerry’s ice cream and Knorr soups owner Unilever shed 2.21 per cent to 4,685p.
EUROPE
European stocks also closed higher on Friday as positive earnings reports eased trade uncertainty. The benchmark Stoxx 600 index closed around 0.3 per cent higher. Germany’s Dax and France’s CAC were both up on the day.
Jet engine maker Safran was up 4.16 per cent around close of business Irish time at €230.10. The group reported first-quarter revenues rose 16.7 per cent to €7.26 billion, beating market expectations.
Chief executive, Olivier Andriès noted that China would exempt some aerospace engine parts from tariffs.
Defence contractor Saab ended the day 0.16 per cent up at 426.15 Swedish kroner. But the stock traded as much as 5 per cent higher during the day after the company reported sales up 11 per cent at SKr15.8 billion.
President and chief executive, Micael Johansson, said the group was “fully committed” to Europe’s defence build-up. Investors are shifting increasingly to defence stocks as security fears grow in Europe and other regions.
Building materials giant Holcim, a rival to Irish giant, CRH, climbed 1.66 per cent to 91.90 Swiss francs. The group reported that operations earned SFr515 million profit in the first three months of the year, beating market expectations.
Chief executive Miljan Gutovic told reporters the group was “well prepared” to navigate any tariff turmoil.
French supermarket chain Carrefour edged 0.15 per cent down to €13.75 as advisers split over its move to take Brazilian grocer Atacadao private.
Carrefour is the chain’s controlling shareholder and is bidding to buy out its other investors. Some advisers argue its 8.50 Brazilian reais a share offer is not enough.
NEW YORK
A solid week on Wall Street looked to end on a softer note, with stocks churning after one of the worst-ever consumer sentiment readings added to anxiety about the repercussions of president Donald Trump’s trade war.
Following a three-day rally, the S&P 500 wavered as data also showed long-term inflation expectations climbing to the highest since 1991.
A mixed bag of corporate earnings brought little relief to investors sceptical about a timely resolution of the US tariff spat with its top partners. Most equity industries dropped on Friday, though big tech gained after Alphabet’s solid results.
As investors digested conflicting signals on whether the US-China trade spat is de-escalating, speculation grew that the world’s two largest economies won’t set aside their differences so quickly. Bonds and the dollar rose. – Additional reporting: Bloomberg
