European shares lost momentum following two days of gains as news that the continent’s key gas line from Russia may undergo further maintenance sparked fresh energy security fears.
DUBLIN
The Iseq index of Irish shares gained 40 basis points – 0.4 per cent – on Wednesday, in contrast to most European markets, aided by strong performances from Kingspan, Ryanair and Paddy Power owner Flutter Entertainment.
Insulation and building materials manufacturer Kingspan was one of the standout performers, climbing 4.42 per cent to close at €58.10 after what dealers said was a “long spell in the doldrums”.
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Flutter Entertainment added 2.21 per cent €94.16 as investors bet more heavily on leisure-oriented stocks. The group announced that Conor Grant, chief executive of its Irish and UK division, was leaving to take a long-planned career break. Former Booking.com executive Ian Brown will replace him.
Ryanair Holdings gained altitude, adding 2.11 per cent to close at €12.795. Dealers said that the Irish airline outperformed many European carriers on Wednesday as it is one of the few that remains largely unaffected by operational problems that have dogged rivals since summer travel took off. The group is due to report first-quarter results next week.
Among smaller stocks Dalata Hotel Group climbed 1.92 per cent to €3.72.
AIB shed 1.27 per cent to €2.18, while its peer Bank of Ireland inched 0.2 per cent up to €5.866.
LONDON
Irish DIY specialist and builders’ supplier Grafton Group gained 1.18 per cent to close at 795.6 pence sterling on Wednesday. Dealers noted that rival Howden Joinery Group is due to publish financial results on Thursday, shedding some light on the home improvement market. Howden itself inched up 0.35 per cent to 629p.
Grafton, best known to Irish people as the owner of Woodie’s DIY, is listed on the London Stock Exchange and does much of its business in Britain and Europe.
Ryanair competitor EasyJet dipped 0.8 per cent to 390.4p as investors remained somewhat wary of airlines following weeks of cancellations and disruptions to Europe’s recovering air travel industry.
Wizz Air, the London-listed eastern Europe-focused budget carrier, gained 1.93 per cent to 1,925p. Aer Lingus and British Airways owner International Consolidated Airlines’ Group also edged up, by 0.5 per cent, to 115.96p.
EUROPE
European shares slipped on reports that Russia was considering further maintenance to the Nord Stream line that supplies much of the continent’s vital natural gas, while investors also moved to cash in gains made on Monday and Tuesday.
Italian building materials maker and rival of Irish group CRH, Buzzi Unicem, slipped 1.25 per cent to €16.99. German player Heidelberg Cement shed 1.51 per cent to €48.92.
Air France KLM closed 1.24 per cent down at €1.28. Dealers noted that airlines had a mixed day as investors are still wary of the impact of bottlenecks and delays on European airlines. German group Lufthansa dipped 0.68 per cent to €6.24 on the same concerns.
Analysts described Wednesday trade in European stocks as “mixed”, with investors continuing to watch global developments and energy security pressures carefully.
NEW YORK
US stocks rose as a rally in tech shares gathered strength and the latest corporate results helped shore up investor confidence.
The S&P 500 rose 0.7 per cent, reversing losses of as much as 0.4 per cent. The tech-heavy Nasdaq 100 extended gains above 1 per cent as megacaps Amazon and Microsoft rose while Netflix jumped after it reported better-than-feared earnings, underpinning rallies in streaming peers Walt Disney and Paramount Global.
Speculation that stocks have bottomed and earnings reports which show companies are more resilient than thought to current trends helped Wall Street to advance for a third day in four, observers said. – Additional reporting: Bloomberg, Reuters
