European shares closed higher, as firmer utility stocks and gains on the Lisbon bourse before weekend elections in Portugal propped up markets in spite of weak US jobs data.
However, Volkswagen fell another 4.3 per cent to around its lowest level in four years as a French investigation added to pressure from a scandal over the carmaker’s diesel emissions.
The pan-European FTSEurofirst 300 index closed up 0.5 per cent, while the euro zone’s blue-chip Euro STOXX 50 index finished 0.6 per cent higher.
Consultinvest fund manager Enrico Vaccari said European equities would remain supported by economic stimulus measures from the European Central Bank. "The market is trying to find its equilibrium and I believe it's almost reached it. Thinking strategically, European stocks have never been so interesting," he said.
DUBLIN The Iseq fell 0.7 per cent to close the week at 6,091 in a relatively quiet day's trading.
Swiss-Irish food group Aryzta slid to another 12-month low of €39.69. The company is battling to restore investor confidence in the face of questions about its acquisition strategy and the health of its US business. It had been trading at over €75 in January.
At the other end of the spectrum, Tullow Oil had another good day, closing up 4.4 per cent at €2.60 after signalling earlier this week that its credit facilities maintained the support of lenders.
Building materials group CRH, meanwhile, tracked industry rivals to close 1.3 per cent down at €23.09, while packaging group Smurfit Kappa rose marginally to €23.45. Insurer FBD traded up 0.8 per cent at €6.65.
LONDON The London market closed higher, led by miners and financial stocks, despite being knocked by disappointing US jobs data.
The FTSE 100 Index was 57.5 points up at 6130, but had been over 100 points higher in the session as global equity volatility shows little sign of abating.
Two of the biggest risers were silver miner Fresnillo up 29p to 633.5p and gold miner Randgold Resources 166p higher to 4098p.
Banking stocks began the session strongly, after its regulator said it was considering introducing a deadline to the payment protection insurance (PPI) mis-selling saga. The Financial Conduct Authority said it anticipates that PPI customers would still have at least until 2018 to claim compensation.
But after the US jobs data announcement the sector gave up some of their gains. Lloyds Banking group ended the day up 1.3p to 76.6p while Barclays climbed 1.4p to 248.6p.
EUROPE France's Cac 40 and Germany's Dax were both up by around 0.5 per cent, having been higher earlier in the day. Portugal's PSI-20 index was the best-performing market in Europe, climbing 2.1 per cent as Portugal's prime minister made a final push to boost his chances of winning this weekend's election and also of securing an absolute majority.
German utilities RWE and E.ON were also among the best performers, both climbing more than 6 per cent after Société Générale upgraded RWE to "hold" from "sell".
NEW YORK The US stock market reversed an early stumble and ended higher, led by gains in energy companies. Chevron jumped 4 per cent, the most in the Dow Jones industrial average.
Exxon Mobil also gained 3 per cent. Energy stocks climbed as the price of oil turned higher, shaking off a two-day slump. US crude gained 2 per cent. Banks and other financial stocks were the only sector to fall.
The Dow gained 200 points, or 1.2 per cent, to 16,472. The Standard & Poor’s 500 index rose 27 points, or 1.4 per cent, to 1,951. The Nasdaq composite rose 80 points, or 1.7 per cent, to 4,707. Bond prices also rose.
– (Additional reporting Bloomberg/Reuters)
