The UK stock market posted its best day in six months on Tuesday, while the pan-European Stoxx 600 index continued to gain after breaking the 600 mark for the first time on Monday.
Dublin
The Iseq All-Share index went against the trend to end the session down 0.80 per cent to 13,081.31.
The losses were driven by several of the index’s biggest companies. Kerry Group fell 0.94 per cent to €73.60.
A poor day for the banks meant all three, Permanent TSB, Bank of Ireland and AIB lost ground. Permanent TSB led the way, dropping 3.45 per cent while Bank of Ireland dropped 1.48 per cent. AIB trimmed its decline to 0.53 per cent.
RM Block
Insulation and building materials specialist, Kingspan Group saw its share price fall by 1.50 per cent to €72.15.
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Trimming the index’s losses, Glanbia added 1.53 per cent to reach €14.58, and home builders Cairn and Glenveagh Properties added 1.45 per cent and 1.25 per cent respectively.
London
The FTSE 100 index, which tracks the biggest companies listed in London, has gained 1.18 per cent and recorded a new closing high at 10,122 points.
The gain is the largest daily percentage increase since July 10th and also the most significant points gain since last April, when markets were rallying after US president Donald Trump paused his Liberation Day tariffs.
Tuesday’s gains come after the FTSE 100 broke through the 10,000 point mark for the first time last Friday.
Precious metals producer Fresnillo added 5.2 per cent and was the top riser, following today’s gains in the gold price.
Fashion retailer Next gained 4.97 per cent lifting its annual profit forecast higher for the fifth time in 12 months following a better-than-expected 10.6 per cent rise in Christmas sales. Fellow fashion brand Burberry
Miners and pharmaceuticals firms were also among the risers, including AstraZeneca, which gained 4.9 per cent. GSK added 4.34 per cent.
Grocers Tesco and Sainsbury rose 2.8 per cent and 2.0 per cent respectively after strong sales figures in the latest Worldpanel by Numerator data.
Gerald Toledano, group head of equities at FTSE Russell, says: “The FTSE 100 passing 10,000 points is a landmark moment for the UK market. It demonstrates the enduring dynamism of British companies and the important role London continues to play as a global financial centre.”
Europe
The European benchmark Stoxx 600 index added 0.58 per cent to reach 605.28 on Tuesday. The index broke the 600 level for the first time on Monday.
The healthcare sector was strong and hit a 10-month high. NovoNordisk added 4.99 per cent on optimism around its obesity drugs being offered in pill form in the US this week.
Polish parcel locker operator InPost SA shot up 26 per cent on reports that Advent International is plotting a takeover bid.
Adidas and JD Sports were drags, Bank of America downgraded the pair and predicted a slowing of growth. They shed 3.62 per cent and 4.39 per cent, respectively.
Goldman Sachs raised its 12-month STOXX 600 target to 625 from 615 on Tuesday, citing stronger global growth, improved corporate earnings and attractive valuations, a day after the index crossed the 600 level for the first time.
The Wall Street brokerage’s target implies a 3.86 per cent upside to the pan-European index’s last close of 601.76 on Monday.
“Valuation is supported by strong global growth and falling interest rates in the US,” said Goldman.
New York
Wall Street’s main indexes extended their rally in midafternoon trading on Tuesday, with the Dow reaching a record high on a boost from healthcare and technology stocks. Investors positioned for the week’s key jobs report to gauge the Federal Reserve’s policy outlook.
Healthcare stocks were the most significant boost to the S&P 500. Drug maker Moderna gained after BofA Global Research raised its price target on the stock.
Tech shares also rose. Memory-chip shares rallied, with SanDisk jumping to a record high, while peers Western Digital and Micron Technology were leading the gains.
Art Hogan, chief market strategist at B Riley Wealth, said keynote addresses from executives of many artificial intelligence firms at the CES trade show in Las Vegas had reinvigorated the AI trade. – Additional reporting, Reuters/Guardian.
