World stocks climbed as riskier assets like equities received a bump from a second day of positive US data and worries eased over the impact of Britain’s vote to leave the EU.
European markets gained, ending a three-day slide with London's FTSE up 1.09 per cent. The CAC in Paris rose 0.8 per cent and Germany's Dax was 0.49 percent higher. DUBLIN The Iseq rose 69 points to 5,495, slightly underperforming its European peers. Tullow Oil, which has its primary listing in London, saw its shares rise by 1.5 per cent to €2.48 after they tanked by 18 per cent in the previous session.
Cider and beer maker C&C saw its stock rise 3.5 per cent to €3.57 despite warning in a trading update that a plunge by the pound against the euro if sustained has "the potential to undo the earnings benefit from both cost-reduction activity and the steady progress made in trading".
Bank of Ireland rose marginally by 0.6 per cent to €0.16.
Iseq heavyweight CRH also rose slightly to €24.66 after shedding 1.7 per cent of value in the previous session.
Ryanair rose 2 per cent to €11.23 after falling on Wednesday in the wake of reports that several bases in Germany were raided by authorities as part of a tax-evasion investigation. LONDON London's premier index performed a dramatic rebound as the markets priced in a 78 per cent chance of interest rates being cut next week. The FTSE 100 index was 70.2 points higher at 6553.8 amid mounting speculation that the Bank of England is on course to slash the cost of borrowing from 0.5 per cent where it has remained since March 2009.
It helped to ease Brexit concerns on London's top flight index, with banking and house building stocks stepping up after punishing falls in previous sessions. Royal Bank of Scotland was among the biggest risers, up 6.5 per cent or 9.7p to 158.6p, while Lloyds Banking Group climbed 2.2p to 49.7p.
Charles Church builder Persimmon was 48p higher at 1337p and Taylor Wimpey notched up 6.2p to 122.1p.
Marks and Spencer bounced back from large falls at the beginning of the session when investors baulked at a further slide in clothing sales. However, shares were up 4.8p to 298.9p after the retailer was handed a broker upgrade from Credit Suisse to neutral from underperform. EUROPE European shares rose after a three-day losing streak, buoyed by gains in major consumer goods stocks such as Danone.
Danone initially surged 7 per cent as investors welcomed its plans to buy US organic foods group WhiteWave in a $12.5 billion deal. "WhiteWave is a great strategic fit in terms of health orientation. The company should furthermore be a boost for organic growth in coming years," said Baader Helvea analyst Andreas von Arx.
Associated British Foods rose 7.7 per cent after saying it was sticking to plans to expand its Primark clothing chain across Europe and the US, and sounding an optimistic note about its continued growth despite uncertainty created by Brexit.
Shares in the Swiss technology company Meyer Burger surged 17 per cent after its interim results beat market estimates. NEW YORK US stocks fluctuated, slowing an advance in global equities, as crude slid toward $46 a barrel on renewed concern of an oversupply in America.
PepsiCo's shares rose 2 per cent to $108.14, after the company reported a better-than-expected second-quarter profit and raised its full-year profit forecast.
Costco rose 3.3 per cent to $161.38 after reporting June comparable sales. Second-quarter earnings are expected to fall 3.9 per cent from a year earlier, according to Thomson Reuters data. First-quarter earnings had fallen 5 percent.
Whitewave Foods jumped 19 per cent to $56.45. – (Reuter/wires)
