Global stock indexes rose on Monday as investors awaited earnings reports this week from several of the biggest US tech-related companies, while oil prices fell sharply after Israel’s strike against Iran at the weekend bypassed oil and nuclear facilities.
Dublin
Euronext Dublin slightly outperformed international peers as it finished the day up 0.7 per cent on light volumes due to the bank holiday.
Housebuilder Cairn Homes was the standout performer as it climbed 2.3 per cent to continue its recent march upwards. A trader said there were a number of buyers around and “quite a bit of interest” in the stock.
Among the financial names, AIB was up 0.7 per cent, in line with the index, at close of business, but Bank of Ireland underperformed and finished the day down 0.7 per cent.
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The airlines were strong across the board with Ryanair up 1.3 per cent, although it lagged the likes of Easyjet and Air France, which were up 2.8 per cent and 3.8 per cent respectively.
Among the building materials groups, insulation specialist Kingspan rose 1.4 per cent, while Woodies DIY parent Grafton Group climbed 1 per cent.
London
The UK’s benchmark FTSE 100 rose 0.4 per cent in a broader rally led by travel and leisure shares, as well as aerospace and defence stocks, though losses in commodity-linked companies restricted overall gains.
Meanwhile, the midcap FTSE 250 was up 0.1 per cent. The travel and leisure sector rose 1.4 per cent after online train ticket seller Trainline advanced 9.5 per cent. The company raised its full-year revenue forecast for the second time in less than two months.
Additionally, Melrose’s shares rose 9.3 per cent, topping the blue chip index and lifting the aerospace and defence sector 0.9 per cent, as aerospace components supplier released risk- and revenue-sharing partnerships explainer.
In contrast, precious metal miners led the sectoral losses and slipped 1.7 per cent as gold prices came under pressure against a stronger US dollar and Treasury yields.
Similarly, energy shares fell 1.6 per cent as oil prices slid. Both BP and Shell were down over 1.6 per cent each, while Ithaca Energy was the biggest drag on the sector and lost 2.4 per cent.
Europe
On the continent, stocks gained as easing geopolitical concerns in the Middle East lifted sentiment.
The Stoxx Europe 600 Index rose 0.5 per cent as the construction and media sectors rallied while energy stocks were pulled lower by falling oil prices. Cheaper crude boosted airline shares.
Meanwhile, the Dax in Frankfurt finished the day up 0.4 per cent, while the Cac in Paris climbed 0.8 per cent.
New York
Wall Street rose ahead of earnings from a host of megacap companies and the final stretch of the US election, while sentiment also improved after developments in the Middle East over the weekend did not disrupt energy supplies.
Google parent Alphabet rose 1 per cent, while Facebook owner Meta Platforms was up 0.6 per cent and Apple was 1 per cent higher, ahead of their results later in the week.
Microsoft and Amazon also report earnings this week. The five companies jointly make up about 23 per cent of the S&P 500′s weightage, and investor reaction to their results will be a key determining factor in whether indexes continue to climb or retreat.
At 11.51am eastern time, the Dow Jones Industrial Average was up 0.7 per cent; the S&P 500 was up 0.4 per cent; and the Nasdaq Composite was up 0.5 per cent.
Airline stocks also rallied, with the S&P 500 passenger airlines index up 3.4 per cent to a more than two-year high.
Boeing’s shares dipped 1.1 per cent after the plane-maker launched a stock offering that could raise up to $22 billion in a bid to shore up its finances amid an ongoing worker strike. – Additional reporting: Agencies
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