European stocks reversed earlier falls to close higher on Wednesday as surging commodity prices lifted energy and mining shares on fear of supply constraints due to crippling sanctions against Russia over its invasion of Ukraine.
DUBLIN
Ryanair was one of the main movers in Dublin on Wednesday after the carrier's chief executive, Michael O'Leary, said the company was "comfortably hedged" as oil prices surge on the Russian invasion of Ukraine. Shares in the airline jumped 2.3 per cent to €14.38 on the news.
AIB, which announces results on Thursday, was down 1 per cent to €2.23, while Bank of Ireland, which reported a net profit of €1.05 billion for 2021 earlier this week, gained 1 per cent to €5.70.
Dalata, which announced a 40 per cent rise in annual revenues this week, was up 0.9 per cent to €3.93.
Other movers in Dublin on Wednesday included Iseq heavyweights Flutter and CRH, which also has results on Thursday. The former was down 2.8 per cent to €109.25 while the latter gained 1 per cent to €39.78.
Elsewhere, Kerry was down 2.8 per cent to €104.5 while Smurfit Kappa fell 1.9 per cent to €14.38.
LONDON
The Ftse 100 ended higher on Wednesday as shares of oil and industrial mining giants received a boost from soaring commodity prices in the wake of the intensifying Russia-Ukraine crisis.
The commodity-heavy Ftse 100 ended 1.4 per cent higher with oil heavyweights Shell and BP, and miners Glencore and Rio Tinto the top gainers on the index.
The domestically focused mid-cap index rose 1.3 per cent with travel and leisure stocks leading gains.
Among stocks, Russian gold and silver producer Polymetal rose 18.5 per cent to the top of the Ftse 100 after shedding more than 80 per cent in the past two sessions. It suspended its 2022 cost and capital expenditure outlook amid the conflict in Ukraine.
Persimmon gained 2.1 per cent after Britain's second-largest home builder said it expected to build 4-7 per cent more homes in 2022, riding on strong housing demand.
London-listed shares of Russia's Sberbank plunged 78.4 per cent after the European arm of Russia's largest bank was forced to close.
EUROPE
The pan-European Stoxx 600 index ended the day 0.9 per cent higher. The oil and gas index jumped 4.1 per cent as Brent crude prices jumped.
Car makers lost 1.6 per cent as they struggled to obtain crucial wire harnesses as the Russian attack has shuttered suppliers in western Ukraine, forcing them to curtail production. Volkswagen and BMW lost more than 2 per cent each.
Ericsson slumped 9.7 per cent after the Swedish telecom gear maker said it had been informed that disclosures it made to the US Department of Justice about an internal investigation into conduct in Iraq were insufficient.
Finnish refiner Neste jumped 14.3 per cent after a joint venture deal with Marathon Petroleum Corporation, as brokers welcome added production capacity.
NEW YORK
US stock indexes rallied more than 1 per cent in early trading on Wednesday as Federal Reserve chairman Jerome Powell signalled the central bank would start raising rates this month, although at a steady pace in the wake of the ongoing Ukraine crisis.
All the 11 major S&P sectors advanced, with financials rebounding 2.7 per cent after falling sharply so far this week. The banks index climbed 3.1 per cent, after hitting its lowest level since September 2021 in the previous session.
Energy shares resumed their march higher, up 2 per cent as Brent crude jumped.
Shares of tech-focus stocks all rose with Apple, Microsoft and Nvidia gaining 1-2.2 per cent.
Among other stocks, Nordstrom surged 37.4 per cent after the department store chain forecast upbeat full-year revenue and profit.
