Global shares edged higher on Tuesday in advance of an expected rate hike by the Federal Reserve and results from some of Silicon Valley’s biggest companies.
DUBLIN
Euronext Dublin outperformed its European peers as it climbed 0.6 per cent on the back of some good performances from its heavy hitters.
Insulation specialist Kingspan was up 2.8 per cent, largely in line with the sector. The company was trading just below €72, which a trader described as “a significant level”, pointing out the group has enjoyed a “fairly massive rally” in recent weeks.
One of its peers, Grafton Group, which owns Woodie’s DIY, was up 1.8 per cent, while building materials giant CRH edged up 0.5 per cent.
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Among the airlines, Ryanair was up 1.5 per cent as it recovered some of the ground it lost on Monday on the back of some disappointing commentary on its earnings and the wildfires in Greece. The rest of the sector was down.
Among the food names, Kerry Group was up 2 per cent while Glanbia rose 1 per cent.
Paddy Power Betfair parent Flutter Entertainment stood out on the downside as its share price fell 2 per cent.
LONDON
The FTSE 100 closed up 0.2 per cent at its highest level in over two months as shares in the capital’s mining giants and consumer company Unilever soared.
Unilever shares soared 4.5 per cent after it hiked its expectations for the year. The business now expects underlying sales growth to hit more than 5 per cent.
Its operating profit rose by more than a fifth to €5.5 billion in the six months to the end of June.
The shares rose despite the revelation at the weekend that the Dove and Hellmann’s owner would allow its Russian employees to be conscripted by the armed forces which are attacking Ukraine.
[ Unilever says UK inflation has peaked as sales growth acceleratesOpens in new window ]
London-listed sandwich maker Greencore climbed 5 per cent on good volumes after it reported that its underlying sales for the third quarter of its financial year rose by 9.3 per cent.
The biggest risers on the FTSE 100 were Antofagasta, up 102.5p at 1,657p, Anglo American, up 115.5p at 2,506p, Croda, up 268p at 5,930p, Unilever, up 174.5p at 4,193p, and NS Rio Tinto, up 217p at 5,394p.
The biggest fallers on the index were Compass, down 110p at 2,106p, Melrose Industries, down 14.6p at 518.4p, IAG, down 4.05p at 149.05p, Rolls-Royce, down 4.05p T 152.65P, and Associated British Foods, down 53p at 2,038p.
EUROPE
On the Continent, European markets were fairly subdued as Germany’s Dax index closed up 0.1 per cent while the Cac 40 in Paris lost 0.2 per cent.
Shares edged higher, lifted by resources firms such as Anglo American and Rio Tinto that benefited from Chinese authorities’ latest stimulus pledge.
Among individual movers, spirits group Remy Cointreau SA surged after Chinese sales helped it surpass forecasts.
NEW YORK
US stocks gained amid choppy trading that could see the Dow log a 12-day rally in advance of quarterly earnings reports from megacap technology companies Alphabet and Microsoft, and a rate hike by the Federal Reserve.
RTX tumbled 14 per cent after saying many of its Pratt & Whitney GTF engines that power Airbus A320neo jets will need “accelerated removals and inspections”.
The S&P composite 1500 passenger airlines sub index dropped 4.4 per cent, bogged down by a 12 per cent fall in Alaska Air after the airline’s annual revenue growth outlook missed expectations.
By lunchtime in New York, the Dow Jones Industrial Average was up 0.2 per cent; the S&P 500 was up 0.3 per cent; and the Nasdaq Composite was up 0.69 per cent.
General Electric jumped 5.9 per cent after raising its annual adjusted profit forecast, while General Motors slumped 4.2 per cent after it posted a decline in adjusted pretax profit and margins in its key North American market from the previous quarter.
– Additional reporting: Agencies
