World shares moved towards record highs after the US Federal Reserve announced its first interest rate cut since last December, while Nvidia’s $5 billion investment in Intel lifted technology stocks.
Dublin
Significantly underperforming its European peers, the Iseq index shed 0.6 per cent, pulled down by Ryanair.
The no-frills airline fell by 2.9 per cent to €23.05 per share as part of a wider sectoral move amid concern about disruptions to European flight schedules, amid renewed French air traffic controller strikes.
Other big names, including Kerry Group and insulation giant Kingspan, were essentially flat on the session.
RM Block
Bank of Ireland, meanwhile, edged 0.5 per cent higher to €13.30 per share while AIB improved to €7.55, up 0.8 per cent.
At €14.09 per share, Glanbia held on to most of Wednesday’s 1.5 per cent gain after the nutrition company announced the sale of the US arm of SlimFast to US packaged goods group Heartland Food Products.
London
British stocks advanced slightly on Thursday after the Bank of England kept interest rates unchanged while the pound slipped and gilts edged higher, reversing earlier momentum.
The benchmark FTSE 100 edged 0.7 per cent higher while the mid-cap FTSE 250 added 0.5 per cent.
Among the top movers on the blue-chip index was Relx, which gained 3 per cent after the business information group expanded its share buyback programme on Wednesday.
Jupiter Fund Management soared by 12 per cent after brokerage Peel Hunt upgraded its rating on the money manager to “buy” from “add”.
The personal goods subsector was among the top gainers, up 1.9 per cent with shares of luxury firm Burberry advancing 3 per cent.
Moving in the other direction, Next fell by more than 3 per cent after the fashion retailer struck a cautious tone on the trading outlook, despite reporting a near 14 per cent increase in first-half profit.
C&C, meanwhile, dropped 4.6 per cent after the Bulmers Irish Cider-maker reported a 4 per cent dip in revenues.
However, the results were in line with expectations, with distribution revenues impacted after the company transferred control of the AB InBev off-trade beer distribution in the Republic of Ireland.
Europe
European shares advanced, topping the previous session’s record with technology stocks largely leading gains.
The blue-chip Stoxx 50 advanced by 1.7 per cent while the pan-European Stoxx 600 moved 0.8 per cent higher.
Chipmaker ASML and Infineon jumped by 7.7 per cent and 3.1 per cent, respectively, after the Fed decision and reports in the US that Nvidia will invest $5 billion in struggling Intel.
SIG Group slid 22 per cent and triggered a trading halt after the Swiss packaging group issued a profit warning for 2025 and suspended its cash dividend.
Continental fell 20 per cent, as the tyre maker spun off auto supplier Aumovio, listed on the Frankfurt Stock Exchange
New York
A rally in technology heavyweights lifted stocks, which also climbed on speculation that Federal Reserve interest-rate cuts will keep powering corporate America.
Wall Street’s main indices all advanced towards record highs, with the tech-heavy Nasdaq leading gains, moving more than 1 per cent higher.
Meanwhile, a decline in consumer discretionary stocks such as McDonald’s and Amazon limited gains on the Dow.
Intel surged by 25 per cent after Nvidia announced its large-scale investment in the struggling chipmaker.
Elsewhere, Micron Technology extended gains into a record-setting 12th consecutive session in advance of the memory chipmaker’s quarterly earnings update next week.
Cracker Barrel dropped after the restaurant chain’s annual revenue forecast missed estimates.
The small-cap Russell 2000 index gained 1.5 per cent and was on track for a record close, as these companies are likely to perform better in a low-interest-rate environment. – Additional reporting: Reuters, Bloomberg
