Iseq rises as most markets tread water

The Iseq rose by 0.6 per cent yesterday, as most European markets treaded water. Better-than-expected US and Chinese manufacturing data was cancelled out by worse-than-forecast euro area economic data.

UK stocks were little changed as data showed growth there had accelerated although its budget deficit increased more than anticipated. US stocks climbed on the back of the positive economic reports for it and China.

National benchmark indexes rose across Western Europe except in Spain and Italy. The FTSE 100 added less than 0.1 per cent, Germany’s DAX gained 0.2 per cent and France’s CAC 40 rose 0.1 per cent.

Dublin On a slow day for the Iseq, Aer Lingus was the biggest riser, finishing the day at €1.47, up 3.8 per cent. The airline has been struggling to contain the potential impact of planned strike action by cabin crew. It has added a number of extra flights to its schedule to reduce potential disruption.

The Bulmers/Magners cider maker C&C rose 1.5 per cent to close at €4.40, after the stock rose steadily throughout the day. Interim results from the UK pubs company Mitchels & Butler indicated that pub sales in Britain may be stabilising. C&C’s UK division performed poorly in its annual results earlier this week.

Smurfit Kappa, the paper and packaging giant, opened the day up 2.21 per cent but slipped back to finish up 1.14 per cent, closing at €16.41. The stock has been one of the most heavily traded on the Iseq since posting strong results earlier this month.

London Daily Mail rallied 8.1 per cent to 902 pence. Zoopla, owner of real estate websites Zoopla and PrimeLocation, plans to list on the London Stock Exchange, it was reported. The publisher merged Zoopla with Mail’s property division in 2012 and owns half of the unit.

SABMiller added 3.9 per cent to 3,386 pence. The world's second-biggest brewer said full-year earnings before interest, taxes and amortization rose 1.2 per cent to $6.45 billion. That compared with the $6.44 billion median estimate of analysts.

British American Tobacco climbed 1.3 per cent to 3,570.5 pence. Reynolds American, the second-largest seller of cigarettes in the US, is in advanced talks to buy Lorillard in a three-way transaction, and the UK company may back the deal, Reuters reported.

Europe Raiffeisen Bank climbed 5.3 per cent to €23.32. The Austrian lender reported first-quarter net income of €161 million, exceeding the €128 million average expected by analysts.

Logitech International slid 5.7 per cent to 10.85 Swiss francs after saying it will delay filing its annual report because of an accounting investigation. The maker of computer accessories said its audit committee and independent advisers are reviewing previously issued financial statements. Some of those issues are also part of a formal Securities Exchange Commission probe, it said.

Continental gained 1.6 per cent to €168.10 euros. The tyre maker followed a gauge of European automakers higher, posting the best performance on the German stock exchange.

New York Sears Holdings rose 4.2 per cent to $38.10. The retailer controlled by billionaire hedge-fund manager Edward Lampert posted a wider first-quarter loss amid a sales decline that's stretched into its seventh year. Net loss in the three months through May 3rd expanded to $402 million from a loss of $279 million a year earlier. Revenue fell 6.8 per cent to $7.88 billion.

Activision Blizzard dropped 1.6 per cent to $20.53 after saying that Vivendi is selling half of its remaining stake in the video-game maker in an offering valued at more than $850 million. Best Buy rose 3.4 per cent to $26.22. The world's largest consumer-electronics retailer posted first-quarter profit that topped analysts' estimates.