Little change as stocks slide in Europe

European stocks were little changed, posting their biggest weekly gain since mid-April. The Stoxx Europe 600 Index slipped less than 0.1 per cent to 407.74 at the close of trading in London, trimming a decline of as much as 0.4 per cent.

The move helped push the UK’s FTSE 100 Index up 0.3 per cent. Benchmark stock gauges for Spain and Germany fell 0.4 per cent, while Greece’s ASE Index lost 0.7 per cent after reaching its highest level since March earlier this week.

The Iseq Overall Index in Dublin rose 0.1 per cent to 6,273.56.

DUBLIN

It was a mixed day for Irish bank shares as Minister for Finance

Michael Noonan

said he had informed the six main mortgage lenders he wanted them to reduce the monthly mortgage payments for their standard variable rate customers.

Bank of Ireland was down more than 2 per cent in early trading but closed marginally ahead, up 0.3 per cent to 35.6 cent. Permanent TSB, which recently returned to a listing on the main market, closed down 1.19 per cent to €4.15. The stock has slipped 7.8 per cent since the capital raising, which priced the stock at €4.50 each.

AIB's shares, which trade on the junior ESM, closed down 3.4 per cent at 8.6 cent.

Irish airlines had mixed fortunes. Aer Lingus closed down 0.1 per cent at €2.377 while Ryanair finished up 2.2 per cent at €10.90. Ferry operator Irish Continental Group was up 1.1 per cent at €4.388.

London

Britain’s top share index hit its highest level in 10 days yesterday, driven by a jump in network operator

Vodafone

’s shares, which hit a 14-year high on the back of potential merger activity.

Markets also got a lift after data showed Britain’s public sector budget deficit narrowed more than expected in April.

The FTSE 100 closed up 0.3 per cent at 7,031.72 points.

Vodafone rose almost 5 per cent, following upgrades from Citi and Deutsche Bank. Both brokers cited comments earlier in the week from Liberty Global chairman John Malone that Vodafone would be a "great fit" for the company. Vodafone is up 12 per cent since Wednesday.

Precious metals miners gave up some of their gains after gold prices fell, hit by a bounce-back for the dollar after a stronger-than-expected rise in US consumer prices in April.

EUROPE

Vodafone Group Plc rose the most, completing its biggest three-day jump since September 2013. The European stock index has climbed 2.9 per cent this week as executive board member

Benoit Coeure

said the

European Central Bank

will increase bond buying in May and June.

The Stoxx 600 has jumped 19 per cent this year, helped by the ECB’s quantitative-easing programme that dragged the euro lower. The index earlier fell as the currency strengthened against the dollar before reversing the move after a gauge of US consumer prices topped forecasts.

Vodafone gained 4.6 percent, taking its three-day gain to 12 per cent. Stock markets including the UK and Switzerland will be closed on Monday.

New York

US stocks fluctuated in early trading, as investors weighed the timing for higher interest rates amid data showing the fastest rise in consumer prices in two years.

Gap Inc sank 1.4 per cent after posting quarterly results in line with analysts' estimates. Boeing Co fell 1.6 per cent, while airline shares dropped.

Hewlett-Packard Co added 3.6 per cent after its results exceeded forecasts. Intuit Inc climbed 3.3 per cent as quarterly sales beat estimates. Deere and Co rose 4.2 per cent after raising its 2015 profit forecast.

The SandP 500 Index slipped 0.1 per cent to 2,128.22 at 12.21pm in New York, after closing Thursday at a record. The Dow Jones Industrial Average lost 46.62 points, or 0.3 per cent, to 18,239.12. The Nasdaq Composite Index rose 0.1 per cent. – (Additional reporting by Bloomberg and Reuters)