European shares settled near a record high on Friday and marked their longest streak of weekly gains in nearly a year,
Dublin
The Iseq Overall Index ended the session 3 per cent higher, finishing the week on an upbeat note as banking and construction stocks surged.
Shares in Kingspan soared 13 per cent on Friday after the insulation specialist reported a strong second half to 2024 that lifted trading profits to a record €907 million.
The company, which had a slow start to the year, said it remained positive about the business, despite anticipating new challenges during 2025.
Banking shares also performed well, with AIB and Bank of Ireland gaining 1.7 per cent and 3.47 per cent respectively.
Food groups Kerry and Glanbia also ended the session in positive territory, with the latter gaining more than 2.1 per cent and the former adding 0.67 per cent.
Ryanair was 1 per cent up over the day.
On the opposite end of the market, ferries group Irish Continental was down 1.2 per cent. Glenveagh shares also declined, losing 0.13 per cent.
London
UK stocks ended flat on Friday as investors reacted to mixed economic data this week that left the Bank of England (BoE) uncertain about the UK’s economic and monetary policy outlook.
The benchmark FTSE 100 dipped 0.04 per cent, in the red for a fourth straight session, dragged by a week that saw a bigger-than-expected jump in British inflation, lukewarm quarterly earnings and persistent US tariff threats.
In corporate news, Standard Chartered rose 3.8 per cent to a near decade high after the bank announced a new $1.5 billion (€1.43 billion) share buyback and reported an 18 per cent rise in annual profit.
Among sectors, the FTSE 350 precious metals and mining index fell 2.9 per cent as gold prices consolidated after record run.
The midcap FTSE 250 index also closed flat, hovering near a two-week low
Europe
The pan-European Stoxx 600 index added 0.5 per cent, recovering from a one-week low on Thursday.
Healthcare stocks were among the top boosts to the index after the US Food and Drug Administration said there was no longer a shortage of Novo Nordisk’s popular weight-loss and diabetes drugs. Shares of the Wegovy and Ozempic maker advanced 5.8 per cent.
Banks added 1 per cent and emerged as the standout performer of the week, poised to secure their ninth consecutive weekly gain – the longest streak since February 1997.
Among others, the food and beverage index jumped 2.2 per cent after three-straight sessions of losses.
Air Liquide added 3.2 per cent after the industrial gases supplier raised its medium-term operating margin guidance and its 2024 sales slightly beat market expectations.
Elekta dropped 8.7 per cent after the medical equipment maker cut its annual revenue and core earnings forecast.
New York
Wall Street’s main indexes were set for weekly declines on Friday, as fresh data painted a weak picture for the American economy, while UnitedHealth dropped after a report that the US Justice Department is investigating the healthcare conglomerate.
Data published by S&P Global showed US business activity nearly stalled in February amid mounting fears over tariffs on imports and deep cuts in federal government spending.
The Dow Jones Transport Average – often noted as gauge to measure the strength of the economy – slumped 2.4 per cent and was on track for its worst single-day drop this year.
UnitedHealth slid 9 per cent after the Wall Street Journal reported that the US Justice Department has launched an investigation into the company’s Medicare billing practices in recent months.
Shares of other health insurers were also hit, with CVS Health down 2.3 per cent and Humana losing 4.6 per cent. – Additional reporting: Reuters
