Global shares advance as investors go bargain hunting

Shares rose on Friday as a bout of bargain hunting took over after worries about aggressive monetary policy tightening and slowing global growth.

DUBLIN

Banks and travel stocks climbed higher on Friday, pushing the Dublin market up almost 3 per cent.

Bank of Ireland shares gained 2 per cent to close at €5.37, while AIB gained 2.8 per cent over the day, ending at €2.216. Permanent TSB gains were less marked, with the bank closing at €1.515, or 0.66 per cent higher.

Hotel group Dalata added 4.28 per cent to its shares, ending the day at €4.02, while airline Ryanair gained more than 2.4 per cent by the closing bell.

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Paddy Power owner Flutter Entertainment saw its stock climb 6.1 per cent, closing at €105.25.

On the other end of the scale was Ires Reit, with shares dipping marginally to €1.40, and Cairn Homes, which lost almost 0.4 per cent.

Food group Kerry gained 2.5 per cent, while Glanbia added 1.5 per cent.

LONDON

Britain’s FTSE 100 rallied on Friday to erase weekly losses, aided by gains in defensive stocks, although concerns over stubborn inflation and economic slowdown kept sentiment in check.

The blue-chip FTSE 100 added 2.6 per cent, while the domestically focused mid-cap index advanced 2.3 per cent and ended the week about 0.5 per cent higher.

Banks and defensive sectors including consumer staples and healthcare stocks that tend to be less sensitive to the economic climate boosted the benchmark index.

Banks gained 3.1 per cent, recouping their previous session's losses, while pharmaceutical giants such as AstraZeneca and GlaxoSmithKline and cyclical names Diageo and Unilever rose between 1.5 per cent and 2.7 per cent.

Oil majors Shell and BP gained 2.8 per cent and 3.6 per cent respectively, tracking a rebound in crude prices.

Sage Group rose 3.9 per cent, after the software company's first-half profit met market estimates and said its margin was expected to trend higher in the second half and beyond.

EUROPE

The pan-European Stoxx 600 index rose 2.1 per cent, with travel and leisure, banks and personal and household stocks leading gains.

Among individual stocks, Deutsche Telekom gained 2.1 per cent after it raised its annual earnings guidance.

Wind turbine maker Vestas dropped 4.4 per cent, after Berenberg downgraded the stock to "hold".

Shares of French retailer Casino jumped 9.9 per cent after French energy giant TotalEnergies and power company Engie were eyeing the acquisition of its renewable energy unit valued at around €1.5 billion, reported Les Echos.

Norwegian Air gained 2.4 per cent, as the airline posted a quarterly loss and said the surge in fuel costs would partly offset the effects of increased summer bookings.

NEW YORK

Growth stocks led a rebound in Wall Street's main indexes on Friday, in a week marred by worries about the worsening outlook for economic growth, while Twitter sank after Elon Musk put his deal for the social media company on pause.

Growth stocks Microsoft, Apple, Google owner Alphabet, Amazon. com and Nvidia gained between 3.2 per cent and 9.4 per cent after falling for most of the week.

The Dow Jones Industrial Average was up 458.85 points, or 1.45 per cent, at 32,189.15, the S&P 500 was up 92.62 points, or 2.36 per cent, at 4,022.70, and the Nasdaq Composite was up 416.87 points, or 3.67 per cent, at 11,787.84.

Twitter was among the biggest losers, slumping 8.1 per cent after Tesla chief Elon Musk said the $44 billion deal to buy the micro-blogging platform was "temporarily on hold" even though he said he is committed to the acquisition.

Tesla Inc jumped 5.8 per cent.

Robinhood Markets Inc surged 24.8 per cent after Samuel Bankman-Fried, chief executive and founder of cryptocurrency exchange FTX, revealed a 7.6 per cent stake in the brokerage app company.

Occidental Petroleum climbed 7.4 per cent after Warren Buffett's Berkshire Hathaway disclosed buying more shares of the oil company this week.

– Additional reporting: Reuters