Iseq and European stocks hold steady

The Iseq index closed at 6,267.60, a fall of 0.44 per cent, which was a fair performance on a day when most European exchanges shifted by similar amounts. News on a move to buy out minority shareholders in Dragon Oil helped to lift that stock, boosting the Dublin performance.

Official figures in the UK showed a 1.2 per cent lift in retail sales last month. However poor economic data from China and Europe weighed on markets.

DUBLIN

Emirates National Oil Co (Enoc) went public with an offer to buy out minority shareholders in Dragon Oil, saying talks with a committee set up by the Turkmenistan-focused oil explorer had not yet produced the endorsement it believed its “full and fair” bid warranted.

Enoc already owes 54 per cent of the company. Dragon Oil shares closed at €9.65, a rise of 8.67 per cent.

Tullow Oil, which rose 4.46 per cent, to €5.85, was the only other Irish stock that rose by more than 1 per cent. Bank of Ireland closed at €0.35, down 2.47 per cent, while Permanent TSB, which was recently floated on the main market, fell 5.83 per cent, to €4.20.

LONDON Britain

’s top share index ended a shade up, just below last month’s record highs, with energy stocks tracking a rally in oil prices and miners banking on China further stimulating its economy.

The UK Oil and Gas index was up 1 per cent as crude prices rose for a second day, helped by expectations that a global supply glut was starting to ease and by fighting in oil-producing Iraq. Oil majors Royal Dutch Shell and BP rose 0.8 per cent and 1.4 per cent respectively.

Miners BHP Billiton and Antofagasta gained 0.7 per cent each after a survey showed Chinese factory activity contracted for a third month in May.

However the signs of weakness in the world’s top metals consumer just fed expectations that the authorities will do more to encourage borrowing and lending.

The blue-chip FTSE 100 index ended 0.1 per cent higher at 7,013,47 points, leaving it less than 2 per cent below a record high of 7,122.74 points reached in April. The FTSE remains up by about 7 per cent since the start of 2015.

Higher energy prices hurt travel and leisure stocks. Shares in British Airways owner IAG, airliner EasyJet and cruise operator Carnival fell 1.9 to 2.4 per cent. Carnival also dropped as its shares traded without the attraction of their latest dividend payouts.

EUROPE

European shares were mixed, recovering from lows after data pointed to contrasting fortunes in major euro zone economies, with German private-sector growth slowing again in May even as France extended its timid recovery.

France’s CAC was up 0.3 per cent after manufacturing and services sectors improved in France, making it Europe’s major outperformer.

Scandinavian firms Kinnevik and Nokia were the FTSEurofirst 300’s top gainers, both gaining in mid-session to finish over 3 per cent higher.

Nokia rallied after sources said some of Germany’s premium carmakers were preparing to buy its mapping unit, HERE, while Kinnevik-backed Global Fashion Group set for an IPO, according to fellow investor Rocket International

Rocket International rose 3.8 per cent, however German stocks in general were laggards after disappointing PMI data.

NEW YORK

US stocks advanced, with the Standard & Poor’s 500 Index topping its record, amid better- than-forecast results from Salesforce.com and Best Buy.

Best Buy and Salesforce. com surged at least 4.3 per cent. Transocean gained 3.6 per cent after reaching a settlement from BP on issues related to the 2010 disaster in the Gulf of Mexico. Omnicare added 1.7 per cent after CVS Health said it would acquire the nursing- home pharmacy. NetApp tumbled 12 per cent after forecasting sales that missed analysts’ projections.– Additional reporting, Reuters, Bloomberg