Stocks rebounded on Wednesday from a rout in technology shares partly driven by concerns about stretched valuations.
Oil prices fell to their lowest since the start of the Iran war as more oil tankers were expected to move out of the Strait of Hormuz. Brent fell to $73.53 (€64.70) per barrel, down 4.55 per cent on the day.
Dublin
The Iseq Overall Index finished the day up 1 per cent as food ingredients giant Kerry Group climbed 5.6 per cent to build on its recent good run.
The stock, which is valued at €80.90, is up 9.3 per cent over the past week and 8.3 per cent over the past month. Kilkenny-based food group Glanbia climbed 3.5 per cent with a trader describing it as being “on an absolute tear”. It’s up almost 50 per cent in 2026 alone.
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Budget airline Ryanair climbed 3.2 per cent as oil prices fell again. “We’ve had a large pullback on oil, which is not directly correlated because it’s so well hedged but it plays into broader picture,” the trader noted.
It was a good day too for builders Cairn Homes and Glenveagh Properties, which were up 2.75 per cent and 3.5 per cent respectively.
“All the UK home builders were up a good bit today, and sometimes the Irish builders are in a basket with them, which doesn’t make any sense because they are in completely different markets,” the trader said.
On the downside, AIB and Bank of Ireland sank 2 per cent and 2.95 per cent respective. “They had a big run recently enough so they have pulled back a bit,” the trader said. “They would also be rate-sensitive as well and just one ECB rate hike is now expected this year.”
London
London stocks advanced with the domestically focused midcap FTSE index snapping a four-day losing streak as real-estate stocks rallied after Segro rejected US-based Prologis’ $16.6 billion bid.
The blue-chip FTSE 100 index closed 0.3 per cent higher, while the midcap FTSE 250 advanced 0.8 per cent. The FTSE 350 property investment trusts index jumped 6.9 per cent, while the property sector gained 6.3 per cent, making them the top-performing FTSE 350 sectors.
Segro soared 17.4 per cent, leading the FTSE 100, as Prologis urged the UK company’s shareholders to press the landlord’s board to engage with the US logistics firm. Prologis argued the FTSE 100 company is undervalued.
Industrial metal miners dropped 2.1 per cent, precious metal miners lost 4.3 per cent and energy shares shed 2.5 per cent as commodity prices dropped.
Europe
European shares were muted as investors assessed developments in the US-Iran negotiations, while defence group Rheinmetall dropped after Germany scrapped a landmark frigate programme.
The pan-European Stoxx 600 index closed 0.1 per cent higher, while Germany’s benchmark Dax index ended down 0.6 per cent. The Cac 40 in Paris ended up 0.5 per cent.
Rheinmetall dropped 18.7 per cent and marked its biggest one-day drop on record after Germany scrapped plans to build six F126 frigates following delays and expected cost overruns – a contract the defence group was tipped to win.
Instead, Berlin will switch to smaller Meko A-200 frigates from Thyssenkrupp’s marine unit TKMS, which jumped 16 per cent.
New York
Wall Street’s major indexes rose with broad-based gains after two straight sessions of declines, as a sharp retreat in oil prices aided sentiment while investors awaited Micron’s earnings.
Airlines and cruise operators moved higher with the S&P 500 passenger airlines index last up 4.4 per cent at an all-time high. Industrial shares rose 1.8 per cent.
Among other movers, Cerebras Systems tumbled 17.3 per cent after the chip designer forecast full-year profit margins would drop below first-quarter figures in its debut report after going public.
Hertz tumbled 28 per cent after the car rental firm said it expects second-quarter adjusted core earnings near the lower end of its forecast range and announced a proposed offering of $100 million of common stock. (Additional reporting: Agencies)
