Major stock indexes were up marginally and US bond yields rose on Tuesday after stronger-than-expected US economic data, while the yen shot up after warnings from Tokyo on its readiness to support the battered currency.
Dublin
Euronext Dublin finished the day down 0.3 per cent on what was a subdued day for the market as investors wound down for Christmas.
Ryanair finished down 0.2 per cent as the market shrugged off the imposition of a €255.8 million fine by Italy’s competition watchdog for abusing a dominant position in its dealings with travel agents.
“The markets just ignored that as they get with them regularly and they are often overturned,” said a trader. “They are appealing it. If the fine stands, it will be quite serious.”
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Most stocks finished up in the red, but Uniphar was big loser on the day as it sank 3.7 per cent. “There was a seller around on that stock,” the trader noted.
Among the financial names, AIB and Bank of Ireland 0.2 per cent and 0.4 per cent respectively.
Elsewhere, food giant Kerry Group and insulation specialist Kingspan – two of the heavyweights on the index – closed down 0.5 per cent and 0.4 per cent respectively.
London
UK stocks little changed as gains in healthcare were offset by losses in consumer staples, with trading subdued during a shortened three-day week leading up to Christmas.
The FTSE 100 was up 0.06 per cent. The index continued its upward momentum in the previous session, having reached a five-week high on Friday, a day after the Bank of England’s 25-basis-point interest rate cut.
The domestically focused midcap FTSE 250 index added 0.07 per cent amid thin volumes.
Among sectors, healthcare stocks were up 0.5 per cent, mirroring gains in European peers. Oxford Nanopore Technologies gained 1.3 per cent, while Oxford Biomedica and AstraZeneca added 0.8 per cent and 3.1 per cent, respectively.
Consumer staples lagged, with the index of personal goods down 0.8 per cent and beverage slipping 0.4 per cent.
Europe
The pan-European Stoxx 600 index finished up 0.4 per cent after it briefly hit a record high on gains in the healthcare sector.
Novo Nordisk shares rallied after the Food and Drug Administration approved its weight-loss pill, giving the Danish drugmaker a competitive edge in the fast-evolving obesity treatment market.
The approval positions Novo Nordisk ahead in the race for a potent oral weight-loss medication as it works to recover market share lost to Eli Lilly.
New York
Wall Street’s main indexes were little changed in choppy trading, pausing after three sessions of gains as Treasury yields climbed following stronger-than-expected economic data.
The US economy grew faster than expected in the third quarter, driven by robust consumer spending. Early estimates showed gross domestic product increased at a 4.3 per cent annualised rate last quarter, much above economists’ forecast for a rise at 3.3 per cent pace.
Six of the 11 S&P sectors gained, led by energy and communication services. Consumer staples and real estate were the laggards.
A rebound in technology stocks and a cooler-than-expected November inflation report have fuelled US stocks in the past three sessions, bringing the benchmark S&P 500 within the 0.5 per cent of its December 11 record close.
All three main were set for their third straight yearly gain. The S&P 500 and the Dow were also on track to rise for the eighth consecutive month.
US-listed shares of precious metal miners extended their recent gains after gold and silver prices surged to all-time highs against a weakening dollar and as geopolitical tensions buoyed safe-haven demand.
US military shipbuilder Huntington Ingalls rose 1.4 per cent after US president Donald Trump announced plans for a new “Trump class” of battleships, which he said would be larger, faster and “100 times more powerful” than any previously built. – Additional reporting: Agencies
