Stocks rose generally on Tuesday as investors tried to absorb the detail of US president Donal Trump’s executive orders and waited on clearer trade policy statements.
DUBLIN
Ryanair climbed 3.91 per cent to close at €19.15 in Dublin. Among other leading stocks, food and ingredients specialist, Kerry Group, added 1.44 per cent to €93.35 while insulation and building materials maker, Kingspan, slipped 1.08 per cent to €68.45.
Bank of Ireland gained 4.65 per cent to €9.58 on news that the British government was prepared to protect motor finance providers from multibillion pound payouts as a consequence of a landmark legal case.
The outcome of the case, stemming from a UK Financial Conduct Authority ruling on car dealer commission payments to financiers, threatens to hit the Irish lender’s profits.
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LONDON
The main UK stock indexes rose on Tuesday, with a weaker sterling helping keep the FTSE 100 near all-time highs, while upbeat earnings from companies including Premier Foods boosted the midcap index.
The blue-chip FTSE 100 closed up 0.3 per cent, trading just below its intraday record high of 8548.59 points touched on Monday.
Shares in Lloyds Banking Group rose 4 per cent to 61 pence sterling after the Financial Times reported that finance minister Rachel Reeves launched a bid to protect car-loan providers from multibillion-pound payouts in a landmark mis-selling case.
“The UK government’s backing in the motor finance case is a clear positive for Lloyds, the bank most exposed to the issue,” said Matt Britzman, senior equity analyst, Hargreaves Lansdown.
The news boosted banks generally. Barclays climbed 1.4 per cent to 295.95p, while the wider FTSE 350 banks index climbed 0.8 per cent.
Boosting the FTSE 250 midcap index by 0.5 per cent, shares in Abrdn jumped 4.5 per cent after the asset manager reported £1.2 billion sterling (€1.4 billion) of net inflows of client cash in the fourth quarter of 2024.
Premier Foods stock climbed 2.6 per cent to 183.6p after it forecast annual profits at the upper end of analysts’ expectations, following robust Christmas sales.
Marston’s dropped 5.3 to 40.05p after the pub group reported higher overall sales over the 16 weeks to January 18th, although cold and stormy weather in November and this month slowed growth.
EUROPE
Shares in European carmakers fell sharply on uncertainty over possible new tariffs after Mr Trump took office.
He did not immediately impose such charges but said he was considering 25 per cent duties on Canadian and Mexican imports.
Volkswagen and Stellantis, owner of Alfa Romeo, Fiat and Peugeot among others, have plants in Mexico that manufacture for the US market.
Stellantis shares had fallen 1.5 per cent to €12.65 late on Tuesday while Volkswagen was 0.78 per cent off at €94.26.
The continentwide Stoxx 600 index, which tracks leading shares in 18 markets, was 0.32 per cent higher on Tuesday afternoon.
Universal tariffs remain a risk for European exporters, although the newly-sworn-in president said he was not yet ready for such a step.
US
US stocks climbed alongside the dollar and bonds, with traders betting that president Trump’s policies will boost the outlook for the world’s largest economy.
Shares of automakers, most sensitive to tariffs due to their vast supply chains, rose as the president held off on hitting imports with extra charges. Ford gained 1.7 per cent, while General Motors added 4.7 per cent, following a rating upgrade by Deutsche Bank.
Walgreens fell 13.6 per cent after the US Justice Department accused it of filling unlawful prescriptions for addictive painkillers and other drugs.
Moderna rose 6 per cent after securing $590 million to hasten development of its bird flu vaccine.
– Additional reporting: Bloomberg, Reuters
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