Positive economic signals lead to gains for European equities

European stocks rose on Friday as encouraging economic data kept investors cautiously optimistic despite mounting inflation fears.

Eurozone activity growth accelerated to its fastest pace in more than three years in May, helped by a strong recovery in the services sector, while a UK economic growth indicator hit its highest highest level ever recorded in May as many service companies reopened their doors and factories. mounted a wave of demand.

DUBLIN

The Iseq climbed 1.5% in line with the positive trend in Europe, with several of its key stocks ending the week on a bullish note.

Ryanair rose 2.8 percent to € 16.50 as London-listed EasyJet and International Consolidated Airlines Group (IAG) also rose.

Two other values ​​in the travel and leisure sector, Dalata Hotel Group and ferry operator Irish Continental Group, also had a good day. Dalata added 2.8% to € 4.19, while ICG finished 5.4% to € 4.70.

Building materials group CRH, the largest stock in the index, closed up 1.2% at € 41.78, while the owner of Paddy Power Flutter Entertainment also made gains, ending up 2.8% to € 150.85.

AIB added 1.5% to € 2.57 and Bank of Ireland closed at € 5.16, up 1.8%. However, cheese maker Glanbia fell 1% to € 14.05, while Kerry Group and packaging company Smurfit Kappa were also more moderate.

LONDON

The FTSE 100 ended flat on Friday posting a weekly loss as weakness in mining stocks thwarted a larger-than-expected jump in retail sales and trading activity.

Heavy mining actions Anglo-American, Glencore and Rio Tinto fell between 0.3 percent and 0.5 percent and meant the blue chip index underperformed major indexes across Europe, ending the session slightly in the red.

Oil majors BP and Royal Dutch Shell were the largest increases, increasing by 0.6% and 0.7% respectively.

The mid-cap FTSE 250 closed on the slightly positive side of the flat. Waste management company Biffa rose 6 percent to the top of the mid-cap index after its proposal to buy the collection business and some recycling assets from Viridor Waste Management.

Card factory slipped 15.1% after reporting a slight drop in like-for-like store sales from 2019, after the UK started reopening stores and easing restrictions in April.

EUROPE

The pan-European Stoxx 600 index rose 0.6%, topping the week with a slight gain. In Frankfurt, the Dax added 0.4 percent, while the Cac 40 in Paris closed 0.7 percent more.

Cartier owner Richemont rose 5% to an all-time high as the Swiss luxury goods company offered to double its dividend to its pre-pandemic level after strong demand for jewelry helped boost bottom line and contain the decrease in sales during its 2020-2021 fiscal year.

German luxury car maker Bmw rose 0.7% after saying it should set aside € 1 billion, less than initially feared, for expected European antitrust fines for alleged collusion with rivals.

Lufthansa fell 6.5% when the Thiele family, the German airline’s second largest shareholder, sold more than half of its stake.

we

The S&P 500 and Dow Jones rose early in the session, extending a rally from the previous session, as strong surveys of US factory and service activity boosted morale at the end of the session. ‘a week of volatile trading.

Boeing added about 3%, as industry sources said they made preliminary plans for a new sprint with 737 MAX output up to 42 jets per month in fall 2022.

Deere & Co gained 2.9 percent after the farm equipment maker raised its full-year profit forecast.

Nvidia Corp added about 2.3 percent after the announcement of a four-for-one stock split. – Additional reporting: Reuters


Source link

About Jennifer Amaro

Jennifer Amaro

Check Also

Business News | Stock market news and stocks

Search for quotes, news, net asset values ​​of mutual funds The happiest spirits INE419U01012, HAPPSTMNDS, …

Leave a Reply

Your email address will not be published. Required fields are marked *