US Fed and buoyant Chinese lift markets

Global stock markets rose slightly today, helped by better-than-expected Chinese factory activity data, and comments from US Federal Reserve chair Janet Yellen suggesting the US central bank is in no rush to raise interest rates.

The S&P 500 and Dow US indices rose slightly a day after they hit records. US stocks were bolstered by housing market data while in China the closely watched flash HSBC/Markit Purchasing Managers’ Index showed February factory activity hit a four-month high, but export orders shrank at their fastest rate in 20 months.

DUBLIN Glanbia's results pleased the market. The global food and ingredients group beat expectations as it reported the fifth year of consecutive double-digit growth. It grew its adjusted earnings per share by 10.1 per cent and reported an improved performance for its Irish dairy operations. More than 600,000 shares changed hands, which is about double the normal daily volume, and the price closed at €16.07, a 6.07 per cent rise on the day.

Volume in Aer Lingus shares was on par with recent times, assisted no doubt by the comments of Minister for Finance Michael Noonan that the door was not closed on the idea of selling the State’s stake in the airline to IAG. The stock closed at €2.23, a fall of 1.15 per cent.

Hotel operator Dalata had a good day, with traders saying its acquisition of Moran Hotels meant it was now a substantial business with a management that investors had confidence in. The stock rose 4.76 per cent, to close at €3.30.

Bank of Ireland fell 1.53 per cent, to €0.32, while market heavyweight CRH closed at €24.97, a fall of 0.20 per cent. Full year results for the bank are out on Friday.

LONDON The London market closed lower after yesterday's all-time high as traders pulled back from a fresh assault on the 7,000 barrier.

Oil and gas services firm Weir lost 9 per cent of its value after it reported a 2 per cent drop in profits for last year and highlighted an uncertain outlook for 2015. Shares fell 163p to 1700p.

In contrast, wealth manager St James’s Place rose 4 per cent, or 38p at 930p, after it reported a 29 per cent rise in annual operating profits and said it was well placed to continue its growth this year.

Other risers included Premier Inn and Costa coffee chain Whitbread after it forecast that it will deliver results at the top end of expectations.

EUROPE European equities markets remained optimistic. Investors expect a boost from the European Central Bank's quantitative easing, due to start next month.

Europe’s second-biggest insurer, AXA, rose 2.6 per cent after posting a 12 per cent increase in 2014 net profit.

Danish shipping and oil group AP Moller-Maersk gained 9.5 per cent after the group said it would sell its 20 per cent stake in Danske Bank, with the anticipated proceeds of about $5.5 billion going to shareholders.

French steel pipe maker Vallourec sank 6.7 per cent after saying it plans to cut 1,400 jobs in 2015. France’s Safran gained 3.5 per cent after the group predicted profit growth this year as it posted stronger-than-expected 2014 earnings.

NEW YORK US stocks were slightly higher in early afternoon trading, boosted by gains in consumer discretionary shares and upbeat housing data.

The S&P 500 consumer discretionary index, up 0.8 per cent, gave the benchmark index its biggest lift.

Single-family home sales in January fell less than expected and supply rose to its highest level since 2010.

Hewlett-Packard shares tumbled 9.4 per cent to $34.88 as the worst performer on the S&P 500 after the world‘s number two PC maker reported flat or lower quarterly revenue.

Additional reporting PA, Reuters