Declining technology shares dampen gains in global markets

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A decline in tech stocks tempered gains in global markets triggered by a further reopening of economies and a German election result likely to produce a moderate left or centrist government.

Dublin

Insulation and building materials group Kingspan slipped 6.04% to € 88.74 on Monday. Dealers blamed fears about rising raw material costs and supply disruptions for the slide.

Ryanair added 2.03% to € 17.30, underperforming many European airlines, which gained ground thanks to a new reopening. Traders said the Irish giant’s shares outperformed rivals ahead of the move. “The airlines that got hit the most had the biggest bounce,” one said.

A report from MyHome.ie-Davy showing that house prices rose 9 percent failed to influence the actions of home builders. Cairn Homes fell 0.7% to € 1.14, while competitor Glenveagh remained steadfast at € 1.118.

Bank of Ireland ignored news that CFO Myles O’Grady was leaving for Musgraves to earn 1.91% to € 5.132. AIB edged up 0.52% to € 2,315 on a day when banks performed well across Europe.

London

Aer Lingus and British Airways owner International Consolidated Airlines Group added 5.9% to 185.87 pence on a good day for airline stocks. Low-cost rival EasyJet rose 3.68% to 705p.

Aircraft engine and auto maker Rolls-Royce has soared after agreeing to sell its Spanish business ITP Aero for € 1.7 billion to a consortium led by private equity giant Bain in the part of the last stage of its major divestiture program. Rolls-Royce closed 11.3% ahead at 147.48p, making him the top FTSE-100 top performer of the day.

Cineworld shares also saw a strong rebound a day before James Bond’s last premiere, amid anticipation that the release of No Time to Die will help draw more people to its theaters. Its stock closed up 11.9% at 80.02p.

Irish DIY and building supplies specialist Grafton Group slipped 2.1% to 1,308p. Resellers noted that concerns about the supply and prices of raw materials continued to weigh on DIY chain owner Woodie’s.

Europe

Energy stocks rose as oil prices approached $ 80 a barrel, suggesting they would hit $ 90 by the end of the year. French giant TotalEnergies climbed 3.4% to € 41.06. Anglo-Dutch group Royal Dutch Shell gained 4.8% to close at € 18.86. Siemens Energy, more focused on renewable energies, rose 3.3% to € 24.07.

Elsewhere, German MTU Aero Engines rose 2.21% to € 203.30 as aviation stocks proved popular with investors.

Air France KLM gained 5.6% to close at 4.72 €, taking advantage of the positive atmosphere for airlines. Lufthansa rose almost 5.3% to € 6.56.

Zooplus gained 4.3% to € 485.60 after Swedish private equity firm EQT AB made an offer to buy online pet supplies retailer for € 3.36 billion, topping a € 3.29 billion offer from US private equity firm Hellman & Friedman.

The blue-chip German DAX rose 0.3%, leading gains among regional indices, while the pan-European Stoxx 600 index fell 0.2%.

new York

The Nasdaq slipped on Monday as investors traded tech heavyweights for stocks linked to economic growth amid growing confidence in a recovery, helping the Dow to score small gains.

Mega-cap growth is called Alphabet, Microsoft, Amazon. com, Facebook and Apple slipped between 0.8% and 1.3%.

Seven of S & P’s top 11 sectors advanced, with energy surging 3.5%, followed by financials and industrials.

Banks rose 2.2%, following a rise in the 10-year US Treasury yield, which briefly exceeded the 1.5% level. The Russell 2000 small cap was up 1.7 percent. – Additional reports: Reuters

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