European stocks advanced yesterday after a two-day decline, with traders citing expectations that the European Central Bank will cut rates next month and that there is the potential for some kind of quantitative easing.
However, index gains were held back by declines for some individual stocks.
On the London exchange Dublin-based DCC Plc rose 7.6 per cent, the most since January 2009, to £33.40. The Irish distribution company said full-year operating profit excluding some items rose to £208 million, compared with the £202 million analysts had estimated. The company said profit climbed to 191.2p a share, beating the 185-p projection. DUBLIN The Dublin market performed well compared with its peers, with the Iseq index closing at 4,816.21, a rise of 49.17 points.
The most traded shares on the exchange were Ryanair, CRH, Bank of Ireland, Kerry and Smurfit Kappa.
The airline closed at €7.18, a rise of 1.13 per cent, while stablemate Aer Lingus closed at €1.42, a rise of 1.43 per cent. On Tuesday, Aer Lingus said its revenues in April were substantially ahead of last year.
CRH closed up 1.16 per cent, at €20.04, while BofI rose 4.26 per cent to 26c. Kerry rose 0.62 per cent, to €55.54, while Smurfit Kappa closed at €16.23, a rise of 0.5 per cent. LONDON UK stocks climbed, following the FTSE 100 Index's biggest drop in more than a month, as a report showed euro-area confidence increased more than forecast. It advanced 19.04 points, or 0.3 per cent, to 6,821.04 at the close of trading in London after declining as much as 0.3 per cent earlier. The equity benchmark gauge rose to a 14-year high on May 14th and climbed 0.6 per cent last week. The FTSE All-Share Index gained 0.4 per cent.
Petrofac advanced 2.2 percent to 1,220p after Barclays raised the stock to equal weight, the equivalent of hold, from underweight.
Britvic Plc increased 7.9 per cent to 749p after posting first-half revenue of £670.7 million, topping the £657.8 million analysts had estimated.
Morrison slipped 2.2 per cent to 205p. Deutsche Bank cut the stock to sell from hold, saying the recent stock rally is unjustified and that it doesn't see a near-term improvement in the sales trend. Morrison advanced 9.8 per cent from its low on May 7th through to Tuesday, compared with a 0.1 per cent gain for the FTSE 100.
EUROPE European stocks advanced, halting a two-day decline, as a gauge of euro-area confidence increased in May more than forecast.
National benchmark indices rose in 15 of the 18 western European markets. France's CAC 40 climbed 0.4 per cent, while Germany's Dax gained 0.6 per cent. An index of household confidence in the euro zone rose to minus 7.1 in May, the highest since October 2007, from minus 8.6 in April, the European Commission in Brussels said in a preliminary report.
AP Moeller-Maersk A/S rose 3.9 per cent after Denmark's biggest company boosted its outlook for 2014 underlying profit. Maersk's A shares rose to 13,100 Danish kroner. The owner of the world's largest container-shipping line boosted its outlook for 2014 underlying profit to about $4 billion from a previous prediction of about $3.6 billion.
NEW YORK US stocks rose after equities fell on Tuesday for the first time in three days, while Treasuries slid before the Federal Reserve released minutes from its latest meeting. Oil rallied to a one-month high.
Tiffany & Co jumped 8.6 per cent to $95.81 as the best performer on the S&P 500 after the jewellery retailer reported stronger-than-expected quarterly results and raised its full-year profit forecast.
Lowe's Companies slipped 0.6 per cent to $45.26 after the world's second-largest home improvement chain said sales picked up in May and it would maintain its full-year sales growth forecast.
