Business

Global shares shrug off mixed messages from US policymakers to edge higher

Euronext Dublin finished the day up 80 basis points as most stocks on the index climbed 1-2%

US markets climbed on Tuesday. Photograph: Michael Nagle/Bloombeg

Colin Gleeson
Tue Mar 26 2024 - 18:58

Global shares edged up on Tuesday, partially shrugging off mixed messages from US policymakers and a wobble in the Chinese yuan that unsettled investors in advance of Friday’s US inflation data.

Dublin

Euronext Dublin finished the day up 80 basis points as most stocks on the index climbed 1-2 per cent.

It was a good day for the financial names as AIB and Bank and Ireland both rose about 2 per cent, while PTSB was up 4 per cent at close of business.

Among the other big names on the index, insulation specialist Kingspan was up 1 per cent, while budget airline Ryanair climbed 0.5 per cent. Elsewhere, sandwich-maker Greencore was up 4 per cent.

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Paddy Power Betfair parent Flutter Entertainment has delisted from the index, but it ended the day down 1 per cent, having been up 3 per cent earlier in the day.

The Irish gambling giant said on Tuesday that once-off, non-cash costs left it with a $1.2 billion (€1.1 billion) loss last year. “Generally the results were quite well received, but it closed at lower levels,” a trader noted.

“What we’re seeing across the board is continued strength, just grinding it out again,” he added. “That was the case right across Europe.”

London

The FTSE 100 edged 0.17 per cent higher as it remained close to 12-month highs.

Retailers were among the day’s stronger performers, amid a positive update from Ocado Retail and strong analyst response to Kingfisher’s Monday update.

Ocado made gains after the company’s UK grocery operation, which is a joint venture with Marks & Spencer, won back more customers through price cuts and efforts to boost ranges. Shares in Ocado Group lifted by 14.7p to 467.3p at the end of trading.

Elsewhere, Revolution Bars plummeted after the hospitality chain said it is talking to investors about raising new cash and could put itself up for sale.

It came after reports emerged that the bar and pub owner might be looking at cutting hundreds of jobs. Shares were down 1.5p to 1.4p at the close.

Soft drinks firms AG Barr and Fever-Tree both climbed after positive updates to shareholders.

Irn-Bru maker AG Barr saw shares close 48p higher at 562p after it revealed that revenues grew by 25.9 per cent.

Mixer-focused rival Fever-Tree finished 122p higher at 1,198p after it held firm profit guidance and recorded a 6 per cent revenue jump amid strength in its US arm.

Asos moved markedly higher after the online fashion business cheered progress on its overhaul efforts, including significant cuts to inventory levels. As a result, shares rose by 32.5p to 378.7p.

Europe

European stocks rose to a fresh record and were set for a second quarter of gains as investors bet on potential rate cuts.

Main markets flitted around record highs, with traders particularly active in Germany. The German Dax index was up 0.76 per cent at the close and the Cac 40 in France closed up 0.41 per cent.

Axel Rudolph, senior market analyst at IG, said: “The Dax 40 hit yet another record high as investors continue to pile into the German stock market due to its ongoing valuation discount.”

Elsewhere, the Stoxx Europe 600 rose 0.2 per cent, while the MSCI World index rose 0.3 per cent.

New York

Wall Street’s main stock indexes climbed as most heavyweight growth stocks and chipmakers rose, while investors looked forward to economic data in a holiday-shortened week to assess the Federal Reserve’s policy path.

Tesla gained 5.4 per cent after CEO Elon Musk said the electric-vehicle maker will give a one-month trial of its Full Self-Driving driver-assist technology to existing and new customers in the United States.

The Philadelphia Semiconductor Index inched 0.3 per cent higher, on track to ending the quarter with double-digit gains after an artificial intelligence-led rally lifted chipmakers.

Micron Technology was among top gainers in the sector, up 2.3 per cent, while Marvell Technology rose 3.1 per cent. – Additional reporting: Agencies

Colin Gleeson

Colin Gleeson

Colin Gleeson is an Irish Times reporter

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