European shares made cautious gains on Monday, with Gucci-owner Kering leading the pack following a leadership change. The news helped to break a five-day losing streak as investors pivot from the conflict in the Middle East.
The pan-European STOXX 600 ended 0.4 per cent higher amid the developments.
Dublin
The Iseq All-Share index ended the session at 11,553.51, up 98.98 or 0.86 per cent on the previous close.
It was a mixed day for the banks, Bank of Ireland rose 1.25 per cent to €12.115, and AIB Group increased its share price to €7.01, up 1.08 per cent. Despite these rises, Permanent TSB Group was a sectoral drag, falling 1.05 per cent to €1.88.
Ryanair rose 1.85 per cent to €23.71, while fellow travel stock Irish Continental Group fell the furthest, down 1.50 per cent to €5.26.
It was a good day for insulation and building materials specialist, Kingspan Group, who saw strong gains – rising 1.77 per cent to a share price of €77.45.
Glanbia Plc fared well in trading on the day, ending up 1.04 per cent to €12.62, whereas Kerry Group fell €1.39 to €95.70.
London
London’s benchmark FTSE 100 rose on Monday, coming within spitting distance of a record high, after global risk appetite was boosted by reports Iran was seeking a truce with Israel.
The blue-chip FTSE 100 closed up 0.3 per centat 8,875.22 points, and came within a couple of points of its intraday record high of 8,908.74 points on March 3. The midcap FTSE 250 gained 0.5 per cent.
Ladbrokes owner Entain jumped 15.3 per cent, the stock’s biggest percentage gain since September 2021, after its US sports-betting joint venture, BetMGM, raised its annual revenue and core earnings forecast.
The travel and leisure subindex surged 3.3 per cent.
In London, Metro Bank Holdings hit a more than two-year high and led gains on the midcap index after a report of takeover approach from private equity firm Pollen Street Capital. Shares of the British lender were up 18.4 per cent
The precious metal miners’ subindex fell the most among sectors, down 3 per cent tracking lower gold prices.
Europe
European shares climbed on Monday, recouping some of last week’s losses as Kering soared after the luxury group announced a chief executive (CEO) change and investors shifted their focus from the conflict in the Middle East that drove a sell-off last week.
On a sectoral basis, Heavyweight banks were the biggest boost, advancing 1.9 per cent
Gucci parent Kering jumped 11.8 per cent, among the top percentage gainers on the STOXX after the luxury conglomerate said it was hiring Renault boss Luca de Meoas to be its new CEO, confirming reports from earlier in the day.
Shares of the French automaker closed 8.7 per cent lower. A separate report said Tokyo’s Nissan planned to reduce its stake in Renault.
On the downside, healthcare stocks lagged as Danish drugmaker Novo Nordisk fell 3.5 per cent.
New York
US stock indexes had risen in midafternoon trading on Monday as oil prices fell after the Israel-Iran attacks left crude production and exports unaffected, allaying investor concerns in advance of a central bank policy meeting.
Crude prices retreated more than 3 per cent on reports that Iran is seeking an end to hostilities with Israel, raising the possibility of a truce and easing fears of a disruption to crude supplies from the region. Oil prices surged more than 7 per cent on Friday after Israel began bombing Iran.
Most megacap and growth stocks rose. Meta advanced after announcing on plans to roll out new WhatsApp updates over the next few months and Nvidia was also up.
UPS and FedEx edged up after the Trump Organisation launched a self-branded mobile network, dubbed Trump Mobile, and named the companies as shipping partners.
Shares of Sarepta Therapeutics plunged nearly half after the company disclosed a second case of a patient dying due to acute liver failure after receiving its gene therapy for a rare form of muscular dystrophy.
US Steel rose significantly after Trump approved Nippon Steel’s $14.9 billion (€12.8 billion) bid for the company.
Cisco gained after Deutsche Bank upgraded the communications equipment maker to “buy” from “hold”.– Additional reporting, Reuters, PA.
