World share markets lost momentum on Tuesday as investor optimism that interest rates have peaked and the Federal Reserve will soon begin cutting them faded.
Euronext Dublin finished the day up 20 basis points, marginally outperforming its European peers.
AIB finished the day up 1.6 per cent after Minister for Finance Michael McGrath raised almost €515 million from the sale of a further 5 per cent stake in the bank as the State continues to claw back the bank’s crisis-era bailout. Elsewhere, Bank of Ireland climbed 1.5 per cent.
Some of the Irish construction names benefited from UK housebuilder Persimmon which climbed 6 per cent after it indicated it increased its estimate for completed units this year.
Cairn Homes climbed up 3 per cent while Woodies DIY parent Grafton Group traded up marginally. Elsewhere, Glenveagh Properties and insulation specialist Kingspan were unchanged.
Ryanair climbed 2 per cent after its interim results on Monday showed profits rose 59 per cent to €2.18 billion in the six months ended September 30th.
“They are on the roadshow currently highlighting their results,” a trader noted. “That will continue for the week and they often trade buoyantly during these roadshows are they are on the road selling their story.”
The FTSE 100 trod water for a second session in a row, climbing just 0.1 per cent, after some of the UK’s biggest natural resource companies offset the strong results from the retail and house building sector.
Primark owner AB Foods was close to the top of the index after revealing that profit rose by more than a quarter to more than £1.3 billion in the year to September 16th.
At the top of the index, it was rubbing shoulders with fellow retailers Ocado, Frasers and Marks & Spencer.
But falling prices for energy and metals weighed on the natural resource sector. Mining giants Anglo America,