Markets end third quarter on a high

European markets ended the third quarter on a high as investors bet that interest rates would stabilise after inflation showed signs of easing.


Traders reported a quiet end to the quarter with little corporate news to spark activity. Betting giant Flutter Entertainment slipped 1.3 per cent to €154.90, hitting gains made on Thursday.

Dealers noted that rivals 888, owner of William Hill, and Ladbroke’s parent, Entain, both warned recently that tougher regulations would hit revenues. Flutter’s stock also slipped in London.

Food group Glanbia closed 1.83 per cent up at €15.61 while rival Kerry added 2.8 per cent to €79.18. Kingspan inched 0.85 per cent up to €70.96.

Elsewhere, AIB added 1.28 per cent to €4.26 while its peer Bank of Ireland dipped 0.28 per cent to €9.29.


London’s blue chip FTSE 100 kept its head above water as energy giants’ losses dragged on gains for property and utilities.

Shares Severn Trent rose 4.42 per cent to 2,365 pence sterling after the water supplier said it was seeking to raise £1 billion (€1.15 billion) to help support a transformation plan that will create new jobs across the midlands.

TGI Fridays owner Hostmore saw its shares surge almost 15 per cent to 15.8p after reporting plans to cut more costs across the business and saying it saw inflationary pressures easing.

However, a dip in crude prices hit oil companies. Shell shed 2 per cent to 2606p. BP slipped 1.8 per cent 531.4p.


Europe’s Stoxx 600 equity index, which tracks leading shares across 18 markets, rose more than 1 per cent, as data showing euro-area inflation at a one-year low bolstered expectations that interest rates in the bloc could stay on hold.

Rate-sensitive sectors, such as real estate and luxury led the gains, with the latter also boosted by a bullish strategy note from Bank of America.

Shares in handbags and champagne maker

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