European shares edged up on Monday but news of US president Donald Trump’s plan to tariff steel and aluminium hit some stocks.
Dublin
Permanent TSB climbed 3.75 per cent to €1.52 in one of the biggest moves of the day. Dealers said news that the bank intends to cut around 300 jobs this year lured investors to the stock.
The move could save the bank €21 million a-year, although analysts suggest that further cuts will be needed to ensure Permanent TSB hits its own targets.
Suggestions that the Government was preparing to remove rent caps aided landlord, Irish Residential Properties Real Estate Investment Trust.
The apartment owner’s shares added 2.91 per cent to close at 99 cent. Dealers noted that the price topped €1 at one point during trade.
Among leading stocks, Ryanair slipped 1.29 per cent to close at €19.79.
Food group Glanbia edged 0.86 per cent up to €14.11.
Ferry operator Irish Continental Group fell 1.93 per cent to €5.08. Dealers said there was no stock-specific news behind the move.
London
BP surged 7.36 per cent to 465.15 pence sterling, its biggest jump in two years, on news that activist investor Elliott Management had taken a stake in the struggling oil big.
Investors believe that Elliott will spur reforms of the company, which is lagging rivals such as Shell and ExxonMobil.
BP appointed Murray Auchincloss chief executive a year ago with a brief to develop a strategy to grow its oil and gas business and boost returns to shareholders.
The company’s share price jump lifted Europe’s oil and gas index on Monday.
EasyJet slipped 1.28 per cent to 523.2p. Aer Lingus owner International Consolidated Airlines Group fell 3.5 per cent to 353.40p.
Irish building materials and DIY specialist, Grafton Group, owner of the Woodies chain in the Republic, climbed 1.83 per cent to close at 925.90p.
Europe
The pan European Stoxx 600 edged up in trade on Monday as investors weighed the likely impact of Mr Trump’s pledge to impose 25 per cent tariffs on steel and aluminium imports to the US.
Steel maker ArceclorMittal, whose shares trade on several European markets fell 2.4 per cent to €27.20.
European steelmakers account for about 15 per cent of imports into the United States
Computer chip manufacturer ASML Holding climbed 2.21 per cent to €717, boosting Europe’s technology index.
Oil and gas stocks advanced with the sector’s index advancing 0.8 per cent.
Real estate shares also gained 1 per cent across the board on hopes the European interest rates will remain low. Telecoms rose 0.8 per cent.
New York
Vertex shares were trading slightly up at around $470 in advance of the pharmaceutical group announcing full-year results for 2024 at 4.30pm New York time.
Investors appeared to shrug off the likely impact of the president’s weekend announcement of plans to impose tariffs on steel and aluminium.
The tech-heavy Nasdaq was up 1 per cent early on Monday while the S&P 500 and Dow Jones Industrial Average also climbed.
Hamburger chain McDonald’s shares were up 4.4 per cent around 6.30pm Irish time having climbed as much as 5 per cent earlier.
The fast food group reported that sales in the US fell last year, but said it was still on track to open 2,200 new restaurants this year, including about 1,000 in China.
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