Most global markets stagnated or slightly declined on Monday as investors await developments from the European Central Bank and US Federal Reserve later this week regarding the direction of interest rates.
In Dublin the ISEQ All Share Index bucked the global trend and finished in the green by the close.
Dublin
Euronext Dublin gained 0.15 per cent on Monday, to close at 9,535.5.
It was a positive day for the banks as AIB rose by 1.15 per cent to €4.40, with investors awaiting 2023 financial results for the bank due out on Wednesday. Meanwhile, Bank of Ireland was up 0.74 per cent to €843, and Permanent TSB gained 0.64 per cent to €1.58.
The great Guinness shortage has lessons for Diageo
Ireland has won the corporation tax game for now, but will that last?
Corkman leading €11bn development of Battersea Power Station in London: ‘We’ve created a place to live, work and play’
Elf doors, carriage rides and boat cruises: Christmas in Ireland’s five-star hotels
Ireland’s two listed home builders also saw gains as Cairn Homes advanced by 0.56 per cent to €1.44 and Glenveagh Properties rose by 0.84 per cent to €1.20.
Food company Glanbia rose by 1.39 per cent to €17.53, while peer Kerry Group lost 1.65 per cent to close at €79.90.
Building materials company Kingspan gained 0.24 per cent to close at €83.84, while packaging company Smurfit Kappa fell by 1.07 per cent to €38.85.
Also with 2023 results due later this week, FBD Holdings saw shares fall by 1.54 per cent to €12.75.
Budget airline Ryanair rose by 0.80 per cent to a share price of €20.09, while tech firm FD Technologies gained 7.56 per cent to €12.80.
London
UK shares edged lower on Monday as investors were cautious in advance of the domestic budget later this week. The export-heavy FTSE 100 Index fell by 0.55 per cent to 7,640.33, while the more domestically-focused FTSE Mid-Cap 250 Index fell by 0.54 per cent to 19,249.08.
Investor focus is now on finance minister Jeremy Hunt’s pre-election budget on Wednesday for cues on potential tax cuts and the economic condition.
BP closed slightly down, reversing earlier gains and losing 0.40 per cent, despite Jefferies upgraded the oil heavyweight to “buy” from “hold”.
Mondi shares lost 2.62 per cent after a report said the packaging firm was revising its takeover proposal for its smaller rival DS Smith. DS Smith shares lost 0.64 per cent.
Hipgnosis dropped 8.24 per cent and hit a record low on Monday after steep declines in asset valuations led the UK music investor to freeze dividend payments for the “foreseeable future”.
Europe
European stocks backed off from a record high last week that was powered by tech shares as investors look ahead to a policy decision by the European Central Bank later this week.
The pan-European STOXX 600 Index fell by 0.03 per cent to 497.42. Meanwhile the French CAC 40 index rose by 0.28 per cent to 7,956.41, and the German DAX lost 0.03 per cent to close at 17,710.45.
The ECB meets on Thursday and is expected to keep rates at a record high 4 per cent, but the central bank is also likely to lower its outlook for inflation in a nod to eventual cuts.
Spanish drugmaker Grifols fell by 9.96 per cent to the bottom of the STOXX 600 Index. Last week the company saw shares fall by 35 per cent after reporting a 72 per cent plunge in 2023 profit.
Shares of Delivery Hero gained more than 5 per cent earlier in the day after the online takeaway food company announced a financing deal and other moves on its debt, but by close was up just 0.77 per cent.
The founding shareholders of SoftwareOne have scrapped their agreement with US investor Bain Capital to buy the firm, taking the shares of the Swiss IT services company down 1.75 per cent.
New York
Wall Street followed European counterparts into the red on Monday, as investors looked ahead to key jobs data and congressional testimony from Federal Reserve chair Jerome Powell.
Outperforming other megacaps, Nvidia continued to climb after its market value closed above $2 trillion (€1.84 trillion) for the first time on Friday.
Other chipmakers including Micron Technology and US-listed shares of Taiwan Semiconductor Manufacturing also gained.
Apple fell following a $2-billion (€1.84bn) EU antitrust fine for preventing Spotify and other music streaming services from informing users of payment options outside its App Store.
AI server-maker Super Micro Computer and shoemaker Deckers Outdoor jumped as they will replace Whirlpool and Zions Bancorporation in the S&P 500 index.
Macy’s surged after real-estate-focused investing firm Arkhouse Management and Brigade Capital Management raised their offer for the department store chain.
Additional reporting from Reuters.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Find The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
