US stocks were on course for their best week in a year on Friday following a frenzied rally sparked by Donald Trump’s sweeping election victory. The Iseq was down 0.82 per cent in Dublin on Friday.
Dublin
Ryanair fell 0.37 per cent to finish the week on €18.94. Kingspan fell 2.02 per cent to €77.65 on Friday. Food group Glanbia dropped 2.29 per cent to finish at €14.08. Dalata Hotels decreased by 0.55 per cent to €4.50 a share.
What Trump’s presidency could mean for Ireland’s economy
Housebuilder Cairn Homes dropped 0.44 per cent to €2.25 a share. Glenveagh Properties fell 1.96 per cent to €1.59 a share. From a banking perspective Bank of Ireland dropped 0.71 per cent to €8.69 and AIB decreased 0.37 to €5.34.
London
Britain’s FTSE 100 fell to a three-month low on Friday, dragged down by home builder Vistry following a profit warning, while China-exposed stocks took a hit from lacklustre stimulus updates from Shanghai.
The blue-chip FTSE 100 dropped 0.8 per cent, having fallen about 1 per cent earlier to its weakest level since August 8th. The index logged its third straight weekly decline.
Shares in Vistry plummeted nearly 16 per cent — the steepest drop among FTSE 100 components — after issuing its second profit warning in a month, citing ongoing cost pressures in its south division.
That dragged the FTSE 350 housebuilder index to a near one-year low. Builder Persimmon recently flagged concerns over escalating costs for 2025 projects.
British Airways owner IAG jumped 7.2 per cent after its third-quarter operating profit beat forecasts, as growth on its lucrative transatlantic routes helped it outperform rival airlines.
Europe
Germany’s Dax stock index fell 0.8 per cent a day after posting its best daily performance of 2024 so far, helped by expectations that Germany could scrap its debt brake.
It comes as chancellor Olaf Scholz on Friday demanded a calm debate from Germany’s squabbling factions on setting the date for a snap election to pull the country out of a political crisis.
Speaking to reporters in Budapest, Scholz called on parties to first agree on what legislation could be passed in what remained of the current parliament but denied trying to ram through his own policy agenda by delaying holding an election.
Scholz has suggested holding a confidence vote in his government in January, paving the way for a snap election in March, but the conservative opposition led by Friedrich Merz wants an election in January.
Europe’s largest economy was thrown into disarray this week with the collapse of Scholz’s three-way coalition and disagreements over how much money the government should spend to spur growth and support Ukraine.
The collapse comes at a tough time for Germany as its economy faces a second year of contraction, its companies fear a loss of competitiveness, while foreign policy challenges mount, from the re-election of Donald Trump to a tariff war with China.
New York
Stocks rose at the end of their best week in 2024 after solid consumer sentiment data and bets that newly elected president Donald Trump’s pro-growth agenda will continue to fuel corporate America.
Equities advanced for a fourth consecutive session, with the S&P 500 on track for its 50th record this year. The gauge extended its weekly gain to 4.5 per cent. The cohort of defensive shares took the lead on Friday after some groups hit “oversold” levels. The megacap space was mixed, with Tesla up and Nvidia down.
A whopping $20 billion flowed into US equity funds on the day Trump claimed victory, according to Bank of America. That was the most in five months, said strategist Michael Hartnett in a note citing market analyst EPFR Global. Small caps — which are considered potential beneficiaries from Trump’s protectionist stance — attracted the biggest inflow since March.
The S&P 500 rose 0.3 per cent. The Nasdaq 100 was little changed. The Dow Jones Industrial Average rose 0.5 per cent. — Additional reporting: agencies and the Financial Times
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