Decline in technology shares tempers gains in world markets

A decline in technology shares tempered gains in world markets sparked by further reopening of economies and a German election result that’s likely to produce a moderate left or centrist government.

Dublin

Insulation and construction materials group Kingspan slipped 6.04 per cent to €88.74 on Monday. Dealers blamed fears about the rising raw-material costs and supply disruptions for the slide.

Ryanair added 2.03 per cent to €17.30, underperforming many European airlines, which gained ground on the back of further reopening. Traders said the Irish giant's shares had been outperforming those of its rivals ahead of the move. "The airlines that were hammered most had the biggest bounce," said one.

A MyHome.ie-Davy report showing house prices up 9 per cent failed to influence homebuilders’ shares. Cairn Homes dipped 0.7 per cent to €1.14, while its competitor Glenveagh was unmoved at €1.118.

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Bank of Ireland shrugged off news that chief financial officer Myles O'Grady is leaving for Musgraves to gain 1.91 per cent to €5.132. AIB inched up 0.52 per cent to €2.315 on a day when banks performed well across Europe.

London

Aer Lingus and British Airways owner International Consolidated Airlines Group added 5.9 per cent to 185.87 pence sterling on a good day for air travel stocks. Low-cost rival EasyJet advanced 3.68 per cent to 705p.

Aero engine and auto maker Rolls-Royce soared after it agreed to sell its Spanish ITP Aero business for €1.7 billion to a consortium led by private-equity giant Bain in the latest move of its major disposal programme. Rolls-Royce closed 11.3 per cent ahead at 147.48p, making it the blue-chip FTSE-100’s best performer on the day.

Shares in Cineworld also saw a strong bounce a day ahead of the latest James Bond premiere, amid anticipation that the release of No Time to Die will help drive more people into its theatres. Its stock closed 11.9 per cent up at 80.02p.

Irish DIY and builders' supplies specialist Grafton Group slipped 2.1 per cent to 1,308p. Dealers noted that concerns about raw-material supplies and prices continued to weigh on the Woodie's DIY chain owner.

Europe

Energy stocks gained as oil prices neared $80 a barrel, prompting predictions that it would hit $90 by the year's end. French giant TotalEnergies climbed 3.4 per cent to €41.06. Anglo Dutch group Royal Dutch Shell gained 4.8 per cent to close at €18.86. The more renewables-focused Siemens Energy added 3.3 per cent to €24.07.

Elsewhere, Germany’s MTU Aero Engines added 2.21 per cent to €203.30 as aviation stocks proved popular with investors.

Air France KLM gained 5.6 per cent to close at €4.72, catching the positive vibe for airlines. Lufthansa rose almost 5.3 per cent to €6.56.

Zooplus gained 4.3 per cent to €485.60 after Swedish private-equity firm EQT AB made an offer to buy the online pet supplies’ retailer for €3.36 billion, trumping a €3.29 billion bid from US private-equity firm Hellman & Friedman.

Germany’s blue-chip DAX rose 0.3 per cent, leading gains among regional indexes, while the pan-European Stoxx 600 index fell 0.2 per cent.

New York

The Nasdaq slipped on Monday as investors swapped technology heavyweights for stocks linked to economic growth amid increasing confidence in a recovery, helping the Dow mark small gains.

Mega-cap growth names Alphabet, Microsoft, Amazon. com, Facebook and Apple slipped between 0.8 per cent and 1.3 per cent.

Seven of the 11 major S&P sectors advanced, with energy jumping 3.5 per cent, followed by financials and industrials.

Banks rose 2.2 per cent, tracking a rise in the US 10-year Treasury yield, which briefly breached the 1.5 per cent level. The small-cap Russell 2000 was up 1.7 per cent. – Additional reporting: Reuters