Car and technology stocks lead markets rebound

The Iseq outperformed many European markets, gaining 0.6 per cent, although a revival in the fortunes of car stocks helped to keep most European exchanges chugging along following back-to-back losses earlier in the week.

Investors also weighed the prospects that the euro area will join the US and Japan in using asset purchases to sustain the global economic recovery.

UK stocks also advanced for the first time in three days, while US stocks also staunched a three-day slide as investors awaited minutes from the Federal Reserve’s last meeting.

Germany's DAX gained 0.2 per cent, France's CAC 40 added 0.4 per cent and the UK's FTSE 100 jumped 0.7 per cent.

DUBLIN
Ryanair was among the big movers on the Iseq, climbing 3.29 per cent on very heavy volumes to close the day at €7.60. The airline, which is in the middle of a strategic image revamp, unveiled plans yesterday for its first ever cross-Border television ad.

Bank of Ireland fell by 2.29 per cent to close at almost 30 euro cents.

Traders said the bank has slid in recent weeks following a months-long climb as some investors have started profit taking having bought in at much lower prices.

Smurfit Kappa , the paper and packaging giant, closed yesterday at €17.60, up almost 0.5 per cent. A report yesterday showed that prices in Europe for old corrugated containers have held firm, after fears that they would come under pressure.

LONDON
The B&Q owner Kingfisher gained 3.3 per cent to 436.4 pence. UBS raised its rating for the company, citing the possibility of higher profits from its proposed acquisition of Mr Bricolage in France.

Following a report that car insurance prices in the UK dropped 7.5 per cent in the first quarter, Direct Line Insurance Group , the UK's biggest home and car insurer, slid 2.3 per cent to 233.4 pence. Esure Group fell 3.9 per cent to 244 pence.

Engineering giant IMI climbed 1.9 per cent to 1,547 pence after HSBC advised investors to buy the shares. The bank cited the potential for acquisitions to boost earnings-per-share growth until 2016.

EUROPE
Car stocks were the big movers on the continent. Volkswagen added 3.6 per cent to €196.70. Bernstein upgraded the stock, citing the automaker's exposure to the recovering European market.

Porsche jumped 4.4 per cent to €78.92.

Daimler rose 0.8 per cent to €70.43. Its chief executive said its expansion of Mercedes-Benz model offerings will enable the maker of luxury cars to beat competitors' sales growth and raise profits in 2014.

Wirecard jumped 5.8 per cent to €30.05, rebounding from its biggest two-day drop since October 2011. The provider of online payment services said it will propose an annual dividend of 12 euro cents a share, up from last year's 11 cents.

NEW YORK
Technology shares were among the big movers across the Atlantic yesterday afternoon.

Facebook jumped 4.7 per cent to $60.93, bringing its three-day rally to 7.3 per cent. The social-networking company slipped as much as 21 percent from a record $72.03 on March 10th.

LinkedIn , which trades at more than 750 times earnings, increased 2.7 per cent to $173.59. Twitter added 2.3 per cent to $42.75 and Yahoo rose 1.7 per cent to $34.40.

Alcoa , the aluminium producer, climbed 3.5 per cent to $12.97. It posted profits that beat analysts' estimates.

The company also forecast that global aluminium demand will exceed production this year, predicting an end to an almost decade-long surplus driven by Chinese output. – ( Additional reporting: Bloomberg, Reuters )