Global markets inched higher on Tuesday even as investors braced for repercussions from the latest US tariff announcements.
Dublin
Euronext Dublin was largely in line with international peers as it finished the day up about 0.6 per cent.
One of the standout performers on the index was Bank of Ireland, which climbed 2.3 per cent, while its peer AIB rose 0.8 per cent.
The Irish home builders had a subdued day with Glenveagh Properties and Cairn Homes down 0.2 per cent and 1.1 per cent respectively.
“Given all the news about changes to Government policy around housing, they probably should have done a little better,” noted a trader. “That being said, they have had some strong buyers over the recent past who have maybe run out of steam,” she added.
There was better news for Cavan-based insulation specialist Kingspan, which finished the day up 1.3 per cent. Elsewhere, food giant Kerry Group was up 1 per cent at close of business.
London
Britain’s FTSE 100 inched to a record closing high as gains in energy giant Shell overshadowed declines in heavyweight copper miners after US president Donald Trump’s tariff hikes sparked demand concerns.
The FTSE 100 edged up 0.1 per cent, helped by a 2.4 per cent gain in Shell shares, with Nigerian oil producers in talks to the group to secure up to 25 per cent of service contracts for the Bonga North deepwater project.
The mid-cap FTSE 250 was down 0.3 per cent.
Global miners such as Antofagasta, Glencore and Rio Tinto dropped between 1.2 per cent and 2.7 per cent as Trump imposed fresh tariffs on all steel and aluminium imports on Monday to a flat 25 per cent “without exceptions or exemptions”.
Heavyweight BP shares lost 0.6 per cent, retreating a day after logging their biggest daily gain in two years. The oil big posted its lowest earnings in four years with CEO Murray Auchincloss pledging to fundamentally reset BP’s strategy.
Travel and leisure lost 2.5 per cent, the worst laggards among sectors as airline stocks fell. TUI flagged a slowdown in bookings, sinking its shares by 10.2 per cent. Wizz Air fell 1.2 per cent; EasyJet dropped 2.7 per cent; and International Airlines Group was down 1.7 per cent.
Among other stocks, Bellway lost 5.2 per cent due to affordability concerns in the British housing market.
Bookmaker Entain lost 11.1 per cent, the biggest loser on the FTSE 100, after the company announced CEO Gavin Isaacs would step down immediately after just five months in the role.
Europe
Less than a week after hitting a three-year high, European airline stocks had their worst day in more than six months.
A UBS Group basket of eight European airline stocks fell as much as 4.2 per cent, the steepest drop since August 1st.
Sentiment was clouded by German tour operator TUI, whose shares fell 8 per cent after it reported a slowdown in bookings for the crucial summer season. Rising prices for jet fuel also weighed.
Elsewhere, the pan-European Stoxx 600 index rose 0.2 per cent, reaching an intraday record for a second straight session, while France’s Cac 40 rose 0.3 per cent and Germany’s Dax increased 0.6 per cent.
New York
Wall Street’s main indexes were almost flat as gains in megacaps such as Coca-Cola and Apple offset losses in some growth stocks.
Apple added 2.7 per cent after a report said it was partnering with Alibaba to develop and roll out artificial intelligence features for iPhone users in China.
Coca-Cola advanced 3.3 per cent as the beverage maker beat fourth-quarter revenue estimates, helped by higher prices and resilient demand for its sodas and juices. – Additional reporting: Agencies
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