A wave of relief swept through European markets after Nvidia’s upbeat forecast eased concerns that artificial intelligence (AI) reliant stocks may have over elevated valuations amid analysts’ concerns.
Dublin
The Iseq All-Share index ended the session down 0.25 per cent to 12,024.30, lagging behind its European counterparts.
Deutsche Bank upgraded insulation specialists Kingspan stock to ‘buy’ and it gained 1.98 per cent to reach €66.95.
RM Block
In a mixed day for the banks, Bank of Ireland gained 0.57 per cent to reach €15.055, AIB fell 0.36 per cent to hit €8.24, and PTSB was flat.
Ryanair fell 1.02 per cent, a major component, it weighed down the index alongside fellow heavy-hitter, Kerry Group which shed 0.71 per cent.
London
The blue-chip FTSE 100 climbed 0.16, halting a five-day decline. The domestically focused FTSE 250 fell slightly to elongate its losing run.
The aerospace and defence sector rebounded after a setback in the previous session. Industry heavyweights Rolls-Royce and BAE Systems both gained.
Pharmaceutical giant AstraZeneca advanced about 0.40 per cent after its drug to control growth of non-cancerous tumours was approved in the United States.
Miniature war-games maker Games Workshop soared 13.49 per cent and hit a record high on strong half-year forecast.
Johnson Matthey shares fell 3.35 per cent after the chemicals company said finance chief Richard Pike would take on a new role as chief operating officer.
Sportswear retailer JD Sports fell 3.88 per cent after forecasting annual profit at the lower end of market expectations.
Additionally, Friday’s UK retail sales figures will also be on investors’ radar to gauge the nation’s economic health, after this week’s data showed inflation easing for the first time in five months.
Europe
The pan-European Stoxx 600 index gained 0.49 per cent on Thursday with investors buoyed by positive Nvidia results.
In company news, Novartis AG boosted its sales targets for two key cancer drugs, underscoring confidence in its oncology pipeline, but its stocks still fell 1.76 per cent.
BNP Paribas SA announced a new buyback and plans to reach a target for capital strength early as chief executive Jean-Laurent Bonnafe seeks to reverse a recent slide in the stock price. The bank’s stocks gained 4.40 per cent.
A series of European defence companies gained ground in trading. German defence giant Rheinmetall AG added 2.57 per cent while BAE Systems gained 1.77 per cent.
Siemens Energy announced its biggest share buyback since the turbine maker went public five years ago amid optimism around surging data-centre investments, and added 1.14 per cent.
Stellantis traded more blows with BYD saying its Chinese partner Leapmotor is selling more electric vehicles in Europe’s biggest EV market. It fell 3.04 per cent.
New York
Wall Street’s main indexes advanced on Thursday, with technology stocks getting a boost after Nvidia’s stellar results quelled some concerns around an AI bubble, while a firm September jobs report showed signs of a resilient economy.
Nvidia gained after the world’s most valuable company forecast sales above analysts’ estimates for the final three months of the year and surpassed expectations for third-quarter revenue.
Chief executive Jensen Huang shrugged off concerns about AI on a call with analysts, saying: “We see something very different.”
A year-long rally in high-flying technology stocks had begun to lose some steam as investors became increasingly cautious of a potential AI bubble. Concerns about monetisation prospects over the technology, circular spending within the sector and debt issuance have weighed on markets with the Nasdaq sharply off its October high and Nvidia down sharply from its peak.
Most megacap and growth stocks advanced, with Alphabet up and Meta gaining. The S&P 500 tech index was among the gainers, with Advanced Micro Devices, Broadcom and other chip-related stocks jumping.
Walmart jumped after the retailer raised its annual forecast for the second time this year and also set a December date to change its stock listing to the Nasdaq from the NYSE. – Additional reporting: Reuters, PA
