European stocks posted a second week of gains as Chinese economic reports beat forecasts and as the US delayed a decision on military action against Syria.
DUBLIN
In Dublin, the Iseq Overall index fell by 0.65 per cent to 4,209.41.
Aer Lingus had its wings clipped yesterday with the share price closing down 5.7 per cent at €1.49 after it warned that its profits for this year will be lower than it had previously guided.
The airline cited heavy discounting by rival Ryanair as one reason for the move, particularly in Italy and Poland. Ryanair, which had its own profit warning last week, closed the day flat at €6.175.
Food stocks were weak, following a trend across Europe. Glanbia was down 1.4 per cent at €9.28, Kerry was 0.8 per cent lower at €44.75 while C&C closed down 1.2 per cent at €4.183.
Builders merchants and DIY chain Grafton was the main gainer on the day closing up 1.8 per cent at €6.75.
LONDON
UK stocks closed little changed, as the FTSE 100 Index posted a second week of gains, as US retail sales growth missed estimates and as investors watched talks between the US and Russia on Syria.
Polymetal International Plc led gold producers lower as Goldman Sachs predicted the precious metal's price could fall below $1,000 an ounce.
Kentz Corp fell for an eighth day after M+W Group said it won't make an offer for the oil-services company.
Imagination Technologies Group Plc jumped 11 per cent after announcing an expanded partnership with MediaTek.
The FTSE 100 slid 5.18 points, less than 0.1 per cent, to 6,583.8 in London. The gauge climbed 0.6 per cent for the week amid better-than-expected economic data from China and as US president Barack Obama delayed a decision on military action against Syria.
The broader FTSE All-Share Index declined less than 0.1 percent yesterday.
EUROPE
Kabel Deutschland AG rose 7.1 per cent after its shareholders approved a bid by Vodafone Group Plc.
Nokia Oyj surged 15 per cent after brokerages including Bank of America Corp and Berenberg Bank upgraded the shares.
Randgold Resources Ltd and Fresnillo Plc each dropped at least 5 per cent as gold and silver prices fell.
The Stoxx Europe 600 Index advanced 1.8 per cent to 311.46 this week, reaching a five-year high on a daily closing basis. It has climbed 11 per cent so far this year as the euro area emerged from recession and as central banks pledged to maintain stimulus measures to support the global economy.
The Standard and Poor's 500 Index has rallied 18 per cent so far this year. The Stoxx 600, while lagging US equities in year-to-date returns, has beaten the S&P 500 this quarter. The European gauge has rallied 9.3 per cent since the end of June, compared with a 5.1 per cent increase in the US benchmark.
US
US stocks rose in early trading, with the Standard and Poor's 500 Index headed for its best week since July, as investors weighed disappointing economic data to gauge the prospects for Federal Reserve stimulus cuts.
Safeway Inc advanced 7.3 per cent after Credit Suisse Group AG raised its recommendation for the shares.
Intel Corp gained 2.9 per cent after Jefferies Group LLC upgraded the stock. Peabody Energy Corp dropped 3 percent as the Environmental Protection Agency revises proposed rules for new power plants.
The Standard and Poor’s 500 rose 0.2 per cent to 1,687.30 at 1pm. The Dow Jones Industrial Average gained 0.4 per cent to 15,365.54. Trading in S&P 500 stocks was 13 per cent below the 30-day average at this time of day. – (Additional reporting: Bloomberg)
