European shares moved higher on Wednesday following four sessions of losses after Ukraine accepted a US proposal for a 30-day ceasefire with Russia while the EU retaliated against US president Donald Trump’s latest protectionist tariffs.
Dublin
The Iseq index moved 0.6 per cent higher, performing in line with most of its European peers.
Energy storage group Corre Energy was the biggest mover on the day, adding 4.4 per cent to close the session at just over 8 cent per share.
It was a mixed session for the main Irish lenders, which have overperformed in recent weeks. Bank of Ireland slid by 1.4 per cent to €11.52 per share while AIB moved almost 0.7 per cent higher to €6.78 per share and PTSB slipped 1.3 per cent to €1.53.
In advance of its 2024 results on Thursday, Glenveagh added more than 1.9 per cent to €1.49 while rival home builder Cairn advanced by 1.7 per cent to €2.01 per share.
Ryanair gained 2.2 per cent to close at €20.62 while Kingspan jumped 1.2 per cent to €80.70 per share.
London
London’s benchmark FTSE 100 index advanced by 0.5 per cent from its lowest level in two months while the mid-cap FTSE 250 gained almost 0.6 per cent.
Hochschild Mining soared 12.6 per cent to the top of the mid-cap index after the precious metals miner restored its dividend payout. Precious metal miners rose 2.6 per cent, leading sectoral gains.
Balfour Beatty moved 4 per cent higher after the construction group reported a larger order book and margin improvements in full-year results for 2024.
Moving down the index, JD Sports fell by around 3 per cent after Puma’s bleak forecast highlighted economic challenges affecting the overall sports retail industry.
Penneys and Primark owner Associated British Foods also plunged more than 4 per cent while Aer Lingus owner IAG slipped 4.8 per cent after Barclays downgraded its rating on the shares.
Europe
European shares snapped a four-session losing streak with the blue-chip Stoxx 50 index rising by almost 1 per cent while the cross-Continental Stoxx 600 jumped by 0.8 per cent.
Europe’s retail-focused index was an outlier and fell 2.8 per cent, hit by a 7.5 per cent fall in Inditex after the Zara owner reported a slower start to its first quarter, beginning February 1st.
Shares in Puma lost almost one-fifth of their value after a bleak forecast highlighted economic challenges affecting the overall sports retail industry.
Defence stocks also declined after the US-Ukrainian accord.
New York
Trading on Wall Street was choppy with the Nasdaq Composite and S&P 500 and Dow Jones Industrial Average all little changed on Wednesday afternoon.
A US Labor Department report showing that consumer prices increased by less than expected last month was largely overshadowed by ongoing concerns about the trajectory of US tariff policy and the prospect of a global trade war.
Ford and General Motors lost 1.5 per cent and 1.3 per cent after Canada and the EU threatened swift retaliation for the Trump administration’s 25 per cent tariffs on steel and aluminium imports.
Yet steel and aluminium stocks bucked the trend with Cleveland Cliffs rising 8 per cent and Alcoa gaining 2.4 per cent.
Tech stocks, among the biggest decliners so far this year, moved 1.4 per cent higher.
Intel jumped 3 per cent after a report said TSMC had pitched Nvidia, Advanced Micro Devices and Broadcom about taking a stake in a joint venture to operate the US chip company’s factories.
PepsiCo, meanwhile, fell 3 per cent after brokerage Jefferies downgraded its rating on the stock. – Additional reporting: Reuters/Bloomberg
