It was a quiet day across Europe on Friday as trading volumes were subdued, while US traders digested reports of slowing jobs growth and mixed forecasts from heavy-hitting tech companies.
DUBLIN
The Iseq overall index rose 1.59 per cent on Friday, with few firms ending the day in the red.
Smurfit Kappa Group was up 3.76 per cent, continuing a decent run since the group signalled confidence in its prospects earlier in the week, increasing interim dividends by 6 per cent despite a “declining volume environment” and a 9 per cent fall in sales for the first half of the year.
Paddy Power and Betfair owner Flutter Entertainment finished up 3.44 per cent on Friday, as rival sports betting firm DraftKings saw its Nasdaq shares surge 12.7 per cent after it raised its fiscal-year 2023 revenue outlook. Flutter investors will be hopeful to see upward momentum continuing when it publishes its half-year results next week.
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Shares in Ryanair rose by 1.84 per cent on Friday, as the airline recovers from a sharp fall in share price last week when it cut its full-year passenger growth forecast. This week Hungarian airline Wizz Air joined Ryanair in cutting its passenger growth forecast, signalling a wider weakening in the airline sector. Still, the airline reported its busiest-ever July.
Elsewhere, home builder Glenveagh Property Group added 2.66 per cent and insulation giant Kingspan gained 1.63 per cent. Shares in Glanbia fell 1.05 per cent.
LONDON
London’s FTSE 100 snapped a three-session losing streak on Friday, and finished up 0.47 per cent, while the more domestically-focused FTSE 250 midcap index rose 0.54 per cent. The week included a widely-expected quarter-percentage point rate hike from the Bank of England, its 14th consecutive hike, bringing interest rates to 5.25 per cent.
Shares in the world’s biggest advertising group, WPP, slumped by 3.45 per cent on Friday. The group reduced its full-year outlook as it struggles with lower revenues in North America because of weaker spending from technology clients.
The aerospace and defence sector was the biggest sectoral gainer as shares of Rolls-Royce rose 7.4 per cent, extending gains to the second day after the company reported a strong recovery in profit for the first half of the year.
EUROPE
European stock indexes rebounded on Friday, with the Stoxx 600 up 0.31 per cent on the day, after shedding about 3 per cent in the past three sessions following weak economic data out of Europe and Asia and the surprise downgrade on the US credit rating.
Germany’s Dax Index finished up 0.37 per cent, while the French Cac 40 index rose by 0.75 per cent.
NEW YORK
US markets rose on Friday despite data which showed the economy added fewer than expected jobs in July.
Amazon shares surged, after the company issued stronger-than-expected numbers for the second quarter of the year, and an upbeat outlook for the third quarter. Shares of peers Microsoft and Google owner Alphabet gained after Amazon’s cloud business segment comfortably beat sales estimates.
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Meanwhile, Apple’s shares fell as the iPhone maker forecast a continued slide in sales. The company released results for the third quarter after markets closed on Thursday, and on Friday the market was underwhelmed by a 2.4 per cent decline in smartphone sales compared to the previous quarter. The drop in the shares mean Apple’s market capitalisation fell below $3 trillion (€2.7 trillion).
Shares of Tupperware, known for its plastic airtight storage containers and bowls, rallied on Friday after it finalised an agreement with its lenders to restructure its debt obligations in an effort to turn around its business.
