Markets dip in face of good corporate results
Dublin
Insulation and building materials group Kingspan shed 2.55 per cent to €72.65. Dealers noted that US rival Carlisle reported flat sales on Wednesday night, prompting investors to swerve the Irish group.
Food and ingredients maker Kerry continued a decline sparked by results earlier in the week. Shares slipped 2.93 per cent on Thursday to €81.15. The fall followed a 6.7 per cent slump the previous day.
Ryanair climbed 1.21 per cent to €25.91 as airlines across Europe gained altitude. Air France-KLM reported a strong quarterly performance earlier on Thursday.
READ MORE
Dublin's listed housebuilders enjoyed a constructive day. Cairn Homes added 3.81 per cent to €2.18 while Glenveagh Properties rose 1.74 per cent to €1.874.
PTSB edged 0.48 per cent up to €2.08. The bank reported that its pretax profit fell 38 per cent to €51 million in the first half of the year as net interest income declined.
London
Aer Lingus and British Airways owner International Consolidated Airlines Group (IAG) climbed 2.56 per cent to 380.5 pence on a good day for airlines, aided by strong Air France results.
The stock boost came as IAG prepared to publish its own second-quarter figures on Friday.
Budget carrier and Ryanair rival EasyJet also benefited, gaining 2.13 per cent to 493.7p.
Aircraft engine maker Rolls-Royce surged 8.5 per cent to 1,072p after the company boosted profit predictions on the back of strong results for the first half of the year.
The company said operations could generate up to £3.2 billion profit this year, £300 million more than it originally forecast.
The news continued a turnaround for the company, which makes engines for Airbus wide-body jets and luxury cars, since Tufan Erginbilgic joined as chief executive in 2023
Oil giant Shell advanced 1.19 per cent to 2,711p after announcing plans for a share buy-back programme.
Fashion chain Next added 0.54 per cent to close at 281.5p after reporting that full-price sales in the 13 weeks to July 26 rose 10.5 per cent versus last year.
Europe
Shares in Ferrari tumbled on Thursday despite the Italian luxury sports car maker reporting that earnings per share for the quarter ended June rose to €2.39 from €2.29 for the same period last year.
Its stock was down more than 12 per cent at one point, its sharpest fall since 2016, according to Reuters. The shares were 11.65 per cent off at €385.30 shortly after 5.30pm Irish time.
Air France-KLM shares were up 4.65 per cent at €11.58 after the company reported that sales rose 6.2 per cent to €8.4 billion in the three months ended June 30th.
France's CAC index closed down more than 1 per cent on Thursday. Germany's DAX was off around 0.8 per cent.
US
Kingspan rival Carlisle Companies shares were down 12 per cent at $361.26 at 6.40pm Irish time. The group reported that revenues for the three months to June 30th were flat at $1.4 billion.
Both Microsoft and Facebook parent Meta, which have large Irish operations, rose on the back of better-than-expected results.
Microsoft was up 6 per cent while Meta had climbed 11.5 per cent.
Microsoft said that annual revenue from its cloud computing service Azure exceeded $75 billion.
Microsoft became the second company in the world (after Nvidia) to reach a $4 trillion market capitalisation after reporting quarterly earnings that beat Wall Street expectations.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
2 hours ago
- Irish Times
Karl Deeter-led mortgage and insurance fintech sold to UK plc in up to €9m deal
An Irish mortgage and life insurance solutions fintech led by home loans expert Karl Deete r has been acquired by London-listed Software Circle in a deal worth as much as €9 million. The deal has involved an initial €5 million being spent for 95 per cent of Dublin-based Artificial Intelligence Finance (AIF), some €670,000 of which will be paid in a year's time. As much as €4 million will be payable in future for the remaining 5 per cent, subject to certain performance targets being achieved in 2026 and 2027, Software Circle said in a statement on Tuesday. AIF is better known under its trading name, OnlineApplication (AO), which is linked up to 60 mortgage brokers and five lenders as well as 200 life insurance intermediaries and two life companies. READ MORE The technology of OnlineApplication allows prospective homebuyers or loan switchers submit applications over their phones to a broker and then brokers can file these directly into the bank lending systems digitally. [ Karl Deeter-led OnlineApplication buys insurance tech firm Money Advice Opens in new window ] Early last year, AIF acquired insurance technology business Money Advice for an undisclosed sum. That firm, which was rebranded as AO Life and CRM, provides a full suite of client management, marketing, quotes, advisory and compliance tools. Mr Deeter, who owned close to half of AIF before the acquisition, will continue to lead the company following the transaction. Other shareholders included state agency Enterprise Ireland, Hostelworld co-founder Tom Kennedy and Patrick Joy, founder of storage equipment specialist Suretank. Mr Deeter said Software Circle's track record as a long-term software operator made it the right partner to take AIF to the next stage. 'This is about helping brokers become the number one delivery channel for digital financial services in Ireland,' he said. 'It's a vote of confidence in our team, our customers, and our vision.' Accounts for 2023 show AIF generated €2.2 million in revenue. However, Software Circle said the valuation reflects expected annual earnings before interest and tax (Ebit), with the acquisition anticipated to be earnings-enhancing and cash-generative in its first year. AIF was advised by Hugh O'Neill of accountancy firm Hogan and Associates. Software Circle was advised by UK-based Allenby Capital. The Irish mortgage market is expected to grow to €14 billion this year from €12.6 billion in 2024, according to PTSB. It is seen expanding further to €15.2 billion next year, according to the bank. Mortgage brokers account for close to half of all home loans written in the State. Irish home prices are expected to rise by a further 5 per cent over the next 12 months, amid ongoing supply shortages, according to a recent survey of estate agent members of the Society of Chartered Surveyors Ireland (SCSI). However, 60 per cent of those polled see prices levelling off soon, with a further 18 per cent saying that they have already peaked – after a dozen years of continuous growth. The Government, formed in January with a strong mandate to tackle the State's housing crisis, is widely expected to fall well short of its target for 41,000 homes to be completed this year as it eyes 300,000 new homes by 2030. The Central Bank of Ireland said last month that it was 'surprised' by the lack of progress and that it now estimates only 32,500 units will be delivered in 2025. Some 30,330 homes were built in 2024.
Irish Independent
2 hours ago
- Irish Independent
New BP chair Albert Manifold to ‘review entire portfolio'
Former CRH boss is joining oil giant under pressure to deliver on turnaround Bloomberg BP said its new chairman, Dubliner Albert Manifold, will conduct a review of the entire portfolio and the company will seek to cut costs beyond its current targets, as the oil and gas major works to reverse years of poor performance. The London-based company is under growing pressure to deliver on a turnaround, including from activist investor Elliott Investment Management, which amassed a stake earlier this year to force sweeping changes and has pushed for deeper cost cuts.
Irish Times
2 hours ago
- Irish Times
Brittany Ferries boosts Rosslare-Cherbourg sailings
Brittany Ferries has said it will boost sailings on the Rosslare-Cherbourg route after rival Stena Line axes its service between the two ports next month. Stena confirmed recently that it would end its service between Rosslare and the French port from the end of September following a review of its routes. Brittany Ferries, which already operates the same route five times a week, said on Tuesday that it would increase the number of ferry services between the ports to seven a week from the start October. The move means the company will sail daily from Rosslare to Cherbourg. READ MORE Cork and Rosslare-based Brittany Ferries said it was stepping in 'to fill the gap left by a competitor' on the route, adding that it would also increase space on vessels sailing between the ports. Christophe Mathieu, chief executive of Brittany Ferries, said the company moved quickly once opportunities knocked. 'News that our competitor was stepping back started the firing pistol in a concerted effort to secure port slots and better serve customers in Ireland and France,' he added. Brittany Ferries offers a rail service that can transport freight from Cherbourg to Bayonne on the French-Spanish border, which it launched midway through last month. Dubbed Ro-Ro (roll-on roll-off) Rail, the service allows quick access to the French rail network and on to Spain and Portugal for trailers from Ireland. Brittany Ferries launched its Rosslare-Cherbourg service in 2021 to meet demand from truckers seeking to bypass Britain following Brexit. Freight has doubled on the route this year while passenger numbers are up 50 per cent. Glenn Carr, director of commercial business units at Irish Rail, owner of Rosslare Europort, welcomed Brittany Ferries' announcement. 'Since Brexit, direct sailings between Rosslare Europort and the European Continent have increased sixfold and our priority has been to ensure we maintain that capacity and choice for industry and tourism alike,' he said.
