World stocks were on course for a solid weekly gain and more record highs as the seemingly unstoppable rally in tech shares and expectations of lower US interest rates helped offset US government shutdown uncertainty.
In Europe, shares logged their best weekly showing in five months, with healthcare and miners leading advances on the day.
Dublin
The Irish index of shares ended the week on a high note edging into positive territory.
Banking shares gained, with Bank of Ireland putting in another day of gains, adding 1.6 per cent, and AIB up 0.76 per cent by the end of the day.
RM Block
Food stocks were mixed, with Kerry Group down 0.5 per cent at €76, while Glanbia was up 0.5 per cent to €13.76.
Insulation specialist Kingspan built on the previous day’s gains, rising by almost half a per cent by the closing bell. Cairn Homes was also higher, gaining 0.5 per cent.
Airline Ryanair saw its stock shed 0.65 per cent, after ending the previous session flat, while ferry group Irish Continental lost 0.35 per cent.
London
London’s FTSE 100 logged its biggest weekly jump since April to close at record high on Friday, when financials led the way up on growing expectations of a Federal Reserve interest rate cut.
The blue-chip index finished 0.7 per cent higher at record high on the day and gained 2.2 per cent for the week.
The mid-cap index also rose 0.7 per cent, capping off the week with 2.3 per cent gains.
Financial stocks on Friday were the standout performers across both indexes, with the banking sector climbing 1.8 per cent and investment banking shares surging 2 per cent on the day.
Precious metal miners Fresnillo and Endeavour Mining were also among the FTSE 100’s best performers, gaining 1 per cent and 2 per cent, respectively due to rising gold prices.
Technical products and services distributor Diploma gained 2.3 per cent after brokerage RBC raised its rating to “outperform” from “underperform”.
Europe
The pan-European Stoxx 600 index closed 0.5 per cent higher at a record high for the third session running, bringing its weekly gains to 2.8 per cent. The index had hit intraday record highs earlier in the week.
Healthcare stocks were the biggest boosts, up 1.3 per cent, with AstraZeneca and Novo Nordisk gaining 1.6 per cent and 2.1 per cent respectively. The sector outperformed peers this week after a US Pfizer drug pricing deal eased uncertainty.
Banks added 1 per cent. Raiffeisen topped the Stoxx 600 with a 7.4 per cent rise after the Financial Times reported the European Union is looking at lifting sanctions on assets linked to Russian oligarch Oleg Deripaska to compensate the Austrian bank.
ABN Amro climbed 2.7 per cent after Goldman Sachs upgraded its rating on the Dutch bank to “buy” from “sell”.
New York
Wall Street’s main indexes hit record intraday highs on Friday, driven by AI optimism and signs of a cooling labour market that strengthened the case for interest-rate cuts and put them on track for weekly gains.
The stock moves underscored a relentless equities rally despite the federal government shutdown stretching to a third day and clouding visibility into economic data.
Enthusiasm around AI has helped underpin sentiment this week and markets have also historically shrugged off shutdowns.
However, some analysts warned a prolonged impasse could weigh on the economy.
At 11.51am in New York, the Dow Jones Industrial Average rose 0.92 per cent, to 46,949.30, the S&P 500 gained 0.45 per cent, to 6,745.67, and the Nasdaq Composite was up 0.23 per cent, to 22,896.25
Communication services shares on the S&P 500 fell 0.55 per cent, dragged by losses in Meta Platforms and Alphabet, which were down 1.55 per cent and 0.5 per cent, respectively.
A gain in banks such as Goldman Sachs and JPMorgan, which rose 1.5 per cent and 0.7 per cent, respectively, boosted the Dow. Additional reporting: Reuters/Bloomberg
