European equities closed unchanged at a two-month high after weaker travel and leisure stocks offset a rebound for mining companies.
German stocks gained, but the Dublin market underperformed, while in the US trading volumes were thin as investors started to abandon their desks ahead of the Thanksgiving holiday.
DUBLIN
The Iseq lost 1 per cent, ending a seven-day rally, as most of its biggest stocks slipped back.
Ryanair fell 1.9 per cent to €8.51 as it got caught up in the knock-on effects on travel stocks of a Thomas Cook trading statement which warned of "a more moderate pace" of growth.
Building materials group CRH closed down 0.3 per cent at €18.73, while insulation-maker Kingspan dropped more than 2 per cent to finish at €12.99. Bank of Ireland also lost ground, closing down 1.5 per cent at 32 cent. Green Reit had a better day, advancing 0.75 per cent to €1.35.
Food group Kerry closed up 0.3 per cent at €57.10 on a modest trading volume. Davy Research wrote in a note to investors that the company was "ideally positioned" to gain competitive advantage in "a new world order" for food and beverage producers, and reiterated its "outperform" rating on the stock.
LONDON
The FTSE 100 closed flat as early gains were erased. Holiday company Thomas Cook was the story of the day, slumping 17.7 per cent to 113.5 pence after chief executive Harriet Green, credited with reviving the business, was unexpectedly pushed out. The slide wiped more than £350 million off the company's market value.
TUI Travel, down 2.1 per cent at 417.5 pence, was the top faller in the blue-chip index as investors decided it would likely also be affected by the "tougher trading environment" outlined by Thomas Cook. EasyJet closed lower at 1,545 pence.
Copper miner Antofagasta rose 3.7 per cent to 761 pence and was the biggest riser on the benchmark index, while BHP Billiton closed up 0.8 per cent at 1,605.5 pence. Anglo American rose 1.4 per cent to 1,347.5 pence.
It was a good session for London-listed telecoms stocks, with BT continuing to strengthen. It rose 2.2 per cent after EE's German and French owners – Deutsche Telekom and Orange – confirmed they were in talks to sell the UK's biggest mobile network operator to BT.
EUROPE
Markets finished flat overall, but Germany’s Dax index posted a 0.6 per cent climb which helped it achieve its longest winning streak since May 2013. German equities have climbed 16 per cent since their low last month amid optimism that exporters will benefit from a weaker euro in future.
Utility companies in the Stoxx 600 climbed 0.6 per cent as a group, with RWE, Germany's largest power producer, gaining 3 per cent, and EON, the country's second biggest, adding 1.7 per cent.
Deutsche Telekom gained 1.4 per cent and Orange fell 1.5 per cent after confirming they were in negotiations to sell mobile company EE to BT.
Spain's Amadeus IT Holding lost 2.5 per cent after Deutsche Bank said it was selling 6.2 million shares in the operator of travel-booking systems.
NEW YORK
Stocks ticked higher as the market’s recent upward trend held firm ahead of Thanksgiving, even as some economic data came in below expectations.
Hewlett-Packard rose 4.1 per cent to $39.16 after the computer manufacturer reported its fourth-quarter results. Its earnings were in line with analysts' expectations, though sales fell short.
Homebuilder DR Horton fell 1.1 per cent to $25.18 in early trading after data showed pending home sales fell in October.
Deere & Co fell 0.9 per cent to $86.99 at the close after the farm equipment company forecast a drop in equipment sales in the current quarter. – Additional reporting: Bloomberg/ Reuters
