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Business Mayor
21-05-2025
- Business
- Business Mayor
Irish stock market closes at fresh all-time high
Despite retail stocks weighing down the market, European stocks were little changed on Wednesday. General stocks gains limited the losses as investors reacted to changes in US taxation policies. The pan-European STOXX 600 closed slightly lower, down 0.8 per cent, as Dublin saw a marginal day of trading. Dublin While fallers outnumbered risers, the Iseq All-Share index ended the session slightly up 25.31 or 0.22 per cent from its previous close, at 11,399.48, its highest ever close. There was a mixed performance in the banking sector. Bank of Ireland rose 0.89 per cent to €11.995, following on from a strong performance on Tuesday. Fellow banking stocks, Permanent TSB dropped 0.58 per cent and AIB Group fell 0.45 per cent. Defensive stocks also had a mixed day of trading. While Kerry Group added 0.67 per cent, rising to a share price of €97.35, fellow dairy giant Glanbia fell 0.24 per cent. Healthcare services group Uniphar saw a 1 per cent fall in its share price. Ryanair, which rose 5 per cent after publishing financial results on Monday, saw a third consecutive rise this week adding 0.63 per cent, reaching €23.85 per share. London The FTSE 100 was nearly flat with a 0.06 per cent gain, while the midcap FTSE 250 fell 0.7 per cent, as the inflation data triggered a slight wobble on the more domestically-focused index. Among blue-chips, sportswear retailer JD Sports' shares were the worst hit, dropping 10.6 per cent after it warned that President Donald Trump's tariffs may force the company to hike prices in the key market. SSE fell 2.4 per cent after the renewable energy generator cut its five-year investment plans by 15 per cent. Keeping losses in check, precious metal miners gained 3 per cent as gold prices rose for a third straight session and hit a one-week high. Fresnillo gained the most in the FTSE 100 with 4.2 per cent rise. Water utility Severn Trent shares gained 2.3 per cent after it projected a doubling of adjusted earnings per share between 2025 to 2028. Europe The European benchmark shed 0.8 per cent amid declines in luxury and retail stocks. JD Sports fell 10.6 per cent to the bottom of the STOXX 600 after posting a 2 per cent drop in first-quarter underlying sales and warned that higher prices in its key U.S. market could hit customer demand. LVMH, Hermes and Kering among others fell over 2 per cent after luxury group Chanel reported a 4.3 per cent drop in its comparable yearly sales. Tech shares helped to outweigh these losses, German chipmaker Infineon's 2.3 per cent gain after it said it would work with Nvidia to develop chips for new power delivery systems inside artificial intelligence data centres provided a boost to the sector. The STOXX 600, however, has recovered from its April slump, and is trading less than 3 per cent away from its all-time highs. An index tracking defence stocks was up 0.5 per cent after Trump selected a design for the $175 billion Golden Dome missile defence shield on Tuesday. Morgan Stanley raised its view on the European banking sector to 'attractive', citing better earnings potential from continued yield steepening. The European banks index is among the top performing sectors this year. Read More The Growing Allure of the Eurovision Song Contest to Brands Swiss bank Julius Baer slid 4.9 per cent after reporting a 130 million Swiss franc ($156.4 million) charge from a credit portfolio review and replacing its chief risk officer. New York In a volatile session on Wall Street, the S & P500 had slipped with Treasury yields rising in reaction to the US President Donald Trump's proposed tax-cut law during mid afternoon trading. Boosting the Nasdaq, Google-parent Alphabet recorded a jump, while Nvidia and Meta Platforms climbed saw stocks rise slightly. Nine of the 11 S&P sub-sectors traded lower, with Healthcare being the worst hit. UnitedHealth Group saw its shares fall, following a Guardian report said the healthcare conglomerate secretly paid nursing homes thousands in bonuses to help reduce hospital transfers for ailing residents. HSBC also downgraded the stock to 'reduce' from 'hold'. In earnings, retailer Target fell after slashing its annual forecast due to a pullback in discretionary spending. Wolfspeed had lost nearly 70 per cent during mid afternoon trading following a report that the semiconductor supplier was preparing to file for bankruptcy within weeks. Despite the losses, U.S. stocks have had a solid month so far. The S&P 500 has climbed more than 17 per cent from its April lows, when Trump's reciprocal tariffs roiled global markets. On the back of bitcoin recording a fresh all-time high of $109,481.83 (€96,460.61) during the session, exchange operator Coinbase gained alongside crypto miners such as Riot Platforms. – Additional reporting by Reuters.
Irish Times
08-05-2025
- Business
- Irish Times
European shares buoyed by trade deal news
European shares ended in the green on Thursday following the announcement by US president Donald Trump that a trade deal had been agreed with Britain to lower tariffs. The first such agreement since the implementation of tariffs gave investors some relief. In Dublin, the Government is on track to sell its final shares in AIB within months after the bank proceeded with a buyback of €1.2 billion of taxpayers' shares, following a rally by its stock on Wednesday to €6.245, just off the price of €6.26 agreed upon by Government. DUBLIN The Iseq All-Share index ended the session at 10,838.03, up 0.33 per cent, led by the banking sector. READ MORE Alongside AIB, Permanent TSB rose 1.48 per cent to €1.715. Bank of Ireland followed suit, surging 1.16 per cent to €10.865 – a recovery of more than €1.50 since the announcement of tariffs impaired the stock's value in early April. Cairn Homes rose 3.58 per cent to €2.055 following a trading update, issued before its agm affirmed its confidence in its full-year guidance against the backdrop of a 'very positive trading environment'. Irish Continental Group rose to €5.15, an increase of 0.78 per cent following its agm today, Uniphar saw a 3.54 per cent boost after announcing its 'very strong' profit growth and financial performance was in line with expectations at its agm too. LONDON The midcap FTSE 250 gained 0.6 per cent, posting its highest close in more than two months, while the FTSE 100 fell 0.3 per cent despite the announcement of the UK trade deal. Shares of luxury car company Aston Martin climbed close to 14 per cent, among the top gainers on the midcap index. Rolls-Royce closed 3.7 per cent higher after US commerce secretary Howard Lutnick said they will allow engines and plane parts from the jet engine maker to come in to the US tariff-free. The broader Aerospace and Defence subindex climbed 2.5 per cent. Earlier in the day, the Bank of England cut interest rates as expected although the uncertain impact of tariffs on economic growth brought a surprise three-way split among policymakers. Among other stocks, IMI emerged as the top performer in the blue-chip index, gaining 5.1 per cent, after the specialist engineering company reaffirmed the financial year 2025 outlook. Renishaw soared 18.6 per cent to the top of the midcap index after the engineering firm decided to shut loss-making drug delivery unit. EUROPE The pan-European STOXX 600 index closed 0.4 per cent higher, with most regional indexes also concluding the day in green. On the day, the region-wide defence index led the sector gains by rising about 3 per cent. Leading ammunition maker Rheinmetall jumped 4.1 per cent after reaffirming it could exceed its 2025 guidance, citing higher demand from Germany, Ukraine and other European nations. Other defence stocks such as Renk rose 4.1 per cent, Thyssenkrupp ticked up 1 per cent and Hensoldt's advanced 7.6 per cent. In contrast, the utilities and healthcare stocks fell 2 per cent and 1.5 per cent, respectively, to limited overall gains. Among individual stocks, Securitas fell 6.4 per cent after the Swedish security firm reported a smaller-than-expected rise in its first-quarter core profit. Beer brewer Anheuser-Busch InBev added 3.2 per cent after the company reported a nearly 8 per cent rise in first-quarter operating profit, beating analysts' estimate by more than double. Siemens Energy gained 3.3 per cent after the power equipment maker's second-quarter net profit significantly exceeded expectations. Shares of Holmen jumped 7.1 per cent after the Swedish paper products maker's operating profit beat expectations. NEW YORK Wall Street's main indexes had climbed in early morning trading on Thursday as investors assessed the trade agreements. Airline stocks jumped after the US-UK agreement exempted plane parts made by Rolls-Royce from tariffs, and Mr Lutnick said the UK would buy $10 billion of Boeing aircraft, leading to a leap in the planemaker's shares. Energy stocks led gains among the S&P 500's 11 sectors, tracking a jump in crude prices. Most megacap and growth stocks were higher, with Tesla leading gains. Semiconductor stocks inched higher, building on the previous session's gains after a spokesperson said the Trump administration was planning to rescind and modify a rule that curbed the export of sophisticated artificial-intelligence chips. Among others, US-listed stocks, shares of Arm plunged after the chipmaker forecast first-quarter revenue and profit below Wall Street estimates. Fashion brand Tapestry rose after the luxury group raised its annual forecasts, while Fortinet slumped after the cybersecurity firm's second-quarter revenue forecast came in below estimates. Warner Bros Discovery gained after a report said the company was headed for a split, despite the streaming firm missed its quarterly revenue estimates. Krispy Kreme's shares sank significantly after the restaurant chain became the latest to withdraw its full-year forecast. – Additional reporting, Reuters, PA.
Irish Independent
01-05-2025
- Irish Independent
Part-time construction worker pocketed just €200 from scam that saw victim loose €5,000
Today at 07:13 A part time construction worker received just €200 for his role in handing over his bank details to a complete stranger on social media platform Snapchat in a money laundering ruse that saw over €5,000 being fraudulently withdrawn from his victim's account. Twenty-two-year-old John Mulvihill, Rindoon Park, Coosan, Athlone, Westmeath pleaded guilty at a sitting of Athlone District Court to money laundering on January 25 and 26 last year at Permanent TSB, Athlone, Westmeath.
