Technology shares across Europe drove gains as financial companies enjoyed a bounce following the UK’s newly announced budget measures. Defence shares continued to gain as Ukraine peace talks advance.
Dublin
After a weak performance in the early hours on Wednesday, Iseq All-Share index ended the session marginally up to 12,734.39, a 0.87 per cent gain on the day.
The Irish stock market had gained significant ground on Tuesday on the back of reports indicating Ukraine peace prospects are strong and carried that moment into trading on the day.
Budget airliner Ryanair was the biggest gainer, adding 1.78 per cent to its share price to reach €28.54.
RM Block
In a mixed day for the banks, Bank of Ireland added 1.34 per cent, the second biggest performer on the day, while AIB added 0.70 per cent. Permanent TSB was unable to complete the set, instead falling 1.57 per cent to €3.14.
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Cairn Homes closed down 1.97 per cent and Glenveagh Properties shed 0.73 per cent.
London
The FTSE 100 rose and the pound strengthened on Wednesday as financial markets gave a guarded welcome to Rachel Reeves’s budget. The FTSE 100 index closed up 0.9 per cent, at 9,691.58.
The chancellor increased taxes by £26 billion (€29.6 billion) to bolster her fiscal headroom against future economic shocks, a move welcomed by analysts, although questions remain.
British banks extended Monday’s gains as the sector was spared further tax pain by the chancellor. Lloyds Banking Group rose 3.4 per cent, Barclays gained 3.2 per cent and NatWest advanced 2.3 per cent.
But changes in gambling duty meant William Hill owner Evoke slid 18 per cent, although Ladbrokes owner Entain, which has a more diverse global exposure, recouped initial losses and traded 3.4 per cent higher.
Oil and gas company shares fell as the British government confirmed the windfall tax will remain in place until March 2030, unless oil and gas prices fall below a certain level before then.
There had been hope in the sector that the expiry date for the windfall tax would be brought forward. Serica Energy fell 4.1 per cent, and Harbour Energy slid 4.7 per cent.
Europe
The European benchmark STOXX 600 index rose 1.06 per cent led by technology stocks.
Technology shares were the biggest boost to the benchmark index, up 2.1 per cent, tracking upbeat global sentiment as investors grew more confident about the possibility of a Fed rate cut in December.
Chip equipment maker ASML jumped 5.7 per cent, BESI 4 per cent, and chipmaker Infineon advanced 3.7 per cent.
British trading platform IG Group jumped 10.3 per cent and was the top-performing stock on London’s mid-caps index as well as Europe’s STOXX 600.
The pan-European banking index jumped 1.6 per cent, rising in conjunction with British peers. The bank-heavy Spanish benchmark index was up 1.4 per cent, outperforming its regional peers.
Novo Nordisk surged 4.7 per cent after US Medicare released negotiated prices for 15 costly drugs, including Wegovy and Ozempic, which analysts said were broadly in line with expectations.
Adecco fell 11.4 per cent as investors fret about AI risks after the company reiterated its commitment to a 3 per cent-6 per cent margin corridor and leverage at or below 1.5 times by end 2027.
New York
Wall Street’s main indexes looked set to record a fourth consecutive positive session in mid-afternoon trading on Wednesday, as investors doubled down on bets the Federal Reserve will cut interest rates in December.
Tech stocks were in the lead following AI-server maker Dell’s strong forecasts, helping the S&P 500 and the Nasdaq touch two-week highs.
Dell stocks gained after its quarterly forecasts surpassed expectations, supported by strong demand for its servers in AI data centres.
Tech stocks rose, leading broad sectoral advances on the S&P 500, while chip stocks broadly gained and Nvidia climbed.
Workday fell double digits after the human resources software provider reported third-quarter subscription revenue in line with estimates. At the same time, Deere lost ground after forecasting annual profit below estimates, pressured by tariff impacts. – Additional reporting: Reuters/PA
