Shares rise as Fed chairman signals rate cut

• Published date: 05 April 2024
• Author: BARRY O’HALLORAN
• Publication title: Irish Times (Dublin, Ireland)

yesterday following comments from Federal Reserve chairman Jerome Powell that the US central bank remained on course to cut interest rates this year

DUBLIN Slides in leading stocks left the Irish market trailing European peers

yesterday, dealers said.

Lender Permanent TSB was one of the leading performers on the day, climbing 7.53 per cent to €1.50 following what traders said was a late move for the bank’s shares. However, they cautioned that volumes were light.

Ingredients and convenience food group Kerry shed 2.07 per cent to €77.95. Dealers said there was nothing significant in the move but one noted that “the sector is just a bit unloved at the moment”.

Insulation specialist Kingspan slipped 1.52 per cent to €84.05 while airline Ryanair dipped 0.43 per cent to €20.98.

LONDON British stocks edged higher

yesterday, but observers said caution prevailed as investors waited on key economic and fiscal policy data, including European and UK purchasing managers’ indices.

Miner and industrial metals group Glencore climbed 1.15 per cent to 463.55 pence sterling as copper prices rose 1.6 per cent.

Signs that the Chinese economy was picking up spurred interest in commodities, particularly metals, as the Asian giant focuses heavily on manufacturing.

The news sent Anglo American stock surging 3.05 per cent to 2,110.5p. Antofagasta climbed 4.67 per cent to 2,198.

Elsewhere, Cab Payments closed 7.6 per cent ahead at 119p after the fintech company got a payment service provider licence in the Netherlands. Reports indicated that the stock gained almost 12 per cent in earlier trading.

InterContinental Hotels slipped 1.9 per cent to 7,954p as its shares traded ex-dividend. Packaging maker Mondi, a rival of Irish-listed Smurfit Kappa, shed 3.4 per cent to 1,420p.

EUROPE Shares in Swedish carmaker Volvo...