Global stocks rose on Friday, as decisions by the Federal Reserve, the Bank of England and the European Central Bank to keep interest rates as they were underpinned investor hopes that monetary tightening has peaked.
The Iseq Overall Index outperformed European peers, and there was little on the downside among Irish stocks by market close.
Dublin
The Irish index gained 2.63 per cent on Friday, to close at 8,270.81. It was boosted by strong trading among heavyweight stocks, few companies ending the day in the red.
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Paddy Power parent company Flutter Entertainment rose by 4.08 per cent, to €159.45. The gambling sector was boosted overall by positive results from US peer DraftKings, which saw its own shares lift after reporting sales and player numbers that beat analyst expectations. Flutter reports its own third-quarter earnings on Thursday.
Building materials company Kingspan rose by 4.71 per cent, to close at €69.38, while packaging giant Smurfit Kappa also saw gains, rising by 2.06 per cent to €32.15.
It was a strong day for banks, as AIB gained 2.76 per cent to €4.17, while Bank of Ireland rose by 2.43 per cent to €8.60. However, Permanent TSB fell by 1.58 per cent, to €1.87.
Home builders Glenveagh Properties rose by 2.85 per cent to 98 cent, while peer Cairn Homes also gained 1.03 per cent to €1.18.
Budget airline Ryanair also rose, by 1.77 per cent, to €15.20.
Among the few downward movers on Friday, software developer Datalex fell by 3.70 per cent to €0.52, while Hostelworld Group lost 7.69 per cent to close at €1.20.
London
The export-heavy FTSE 100 Index fell by 0.45 per cent on Friday, to close at 7,413.26, while the more domestically focused FTSE Mid Cap 250 Index rose by 1.22 per cent to 17,983.84.
Sentiments among UK traders were lifted on Friday, following a decision from the Bank of England on Thursday to hold interest rates at 5.25 per cent rather than further tightening monetary policy.
The UK medical equipment and services index was boosted by medical manufacturing company Smith+Nephew, which saw a 2.04 per cent gain after broker JP Morgan raised the stock to “overweight” – the equivalent of a buy recommendation, from “neutral”, the equivalent of a hold recommendation.
Electronics retailer Currys gained 3.96 per cent, as the company agreed to sell its Greek business Kotsovolos to Public Power Corporation for £175 million (€202 million).
Shares of Surface Transforms plunged by 31.91 per cent, reaching their lowest level since June 2019, after the brake-disc supplier cut its 2023 sales forecast.
Europe
The pan-European Stoxx 600 Index rose by 0.15 per cent to 444.16, while the German Dax gained 0.3 per cent to 15,189.25 and the French CAC 40 fell by 0.16 per cent to 7,049.67.
European insurers declined after results from AXA and Swiss Re received a negative reaction. France’s AXA fell by 1.44 per cent, while Swiss Re was down 1.31 per cent.
BMW rose by 2.48 per cent, after reporting higher margins in its automotive segment in the third quarter, while Volvo Car jumped 3.67 per cent following its October sales update.
Italian digital payment firm Nexi rose by 6.03 per cent, following reports that US private equity firm Silver Lake is considering buying the company.
Maersk slumped 16.93 per cent to the bottom of the STOXX 600 after the shipping group specified its 2023 outlook and announced a review of its buyback programme.
New York
Wall Street’s main stock indexes gained on Friday after data pointing to slowing job growth and an uptick in the unemployment rate boosted investor expectations that the Federal Reserve was done with its monetary policy tightening campaign.
However, Apple saw shares falling after its sales forecast for the holiday quarter fell short of Wall Street expectations.
Cybersecurity company Fortinet was another downward mover, with shares plunging following a downbeat fourth-quarter revenue forecast.
Meanwhile, fintech company Block saw shares jump after raising its annual adjusted profit forecast. – Additional reporting: Reuters and Bloomberg
