Markets enjoy US Independence Day lull

Markets treaded water on Tuesday as the US was shut to celebrate Independence Day, leaving leading European indices to inch up on mostly slow trade as they awaited economic data that will influence the next policy moves of global central banks.

DUBLIN

Dublin was quiet as Wall Street took a day off while Europe remained generally muted, dealers said.

Building materials giant CRH shed 1.3 per cent to close at €50.22, giving up recent gains as investors swerved its industry sector.

“It’s been on an upward only trajectory of late, but it gave up some of that today,” said one dealer, who added that the move “looked sectoral” as several others in the Irish group’s industry also suffered. Insulation and building materials specialist Kingspan shed 1.23 per cent to €59.50.

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Among other heavy hitters, packaging group Smurfit Kappa added 0.93 per cent to end the day at €31.36.

Ryanair barely budged on news that it flew 17.4 million passengers last month, 9 per cent more than in June 2022. It also disclosed that about 160,000 passengers were affected after it cancelled more than 900 flights last month, amid disruption from air traffic control strikes across France. The airline’s stock added 0.15 per cent to €17.25.

Among financial stocks, Bank of Ireland rose 0.46 per cent to €9.148 while AIB added 0.1 per cent to €3.884.

LONDON

Irish sandwich maker Greencore added 1.98 per cent to close at 77.4 pence sterling on a day when banks and supermarkets got most of the attention.

Britain’s financial watchdog is summoning top bankers this week to discuss concerns that they are not passing on interest rate increases to savers while hiking the cost of mortgages. Meanwhile, supermarkets continued to endure accusations of profiteering on the worst cost-of-living crisis in close to half a century.

Supermarket Sainsbury’s said that food price inflation was starting to fall. The grocer was one of several high-profile fallers in London on Tuesday, sliding 1.82 per cent to 269.6p. Rival Tesco also took a battering, shedding 1.7 per cent to close at 247.8p.

Barclays fell 1.97 per cent to 152.56p while NatWest dropped 1.55 per cent to 241.9p.

Investors in Naked Wines were left gasping when the shares fell 10 per cent to 89p after the company said it enjoyed a less-than-vintage financial year. Revenues for the 12 months to April 3rd 2023 will come in £50 million below expectations at £300 million the drinks retailer said on Tuesday. It has rehired founder and former chief executive Rowan Gormley to turn the business around.

The biggest risers on the FTSE 100 were Ocado Group, up 13.4p to 615.2p, AstraZeneca, up 206p to 10,580p, Segro, up 14.2p to 740.6p, Land Securities Group, up 9p to 597p and Rightmove, up 6.6p to 526.6p.

The biggest fallers on the FTSE 100 were IMI, down 36p to 1,593p, Barclays, Sainsbury, Tesco which dropped 4.2p to 247.8p, and NatWest, down 3.8p to 241.9.

EUROPE

Europe’s Stoxx 600 ended 0.1 per cent higher on Tuesday after muted trade across the continent.

Germany’s Dax lost 0.3 per cent after data showed the country’s exports decreased 0.1 per cent in the month to May, as high interest rates continued to weigh on its main trading partners. The reading fell well below analysts’ expectations of a 0.3 per cent rise. France’s Cac dipped 0.23 per cent.

Italian cement maker and CRH rival, Buzzi, shed 1.5 per cent to close at €22.50, evidence of a general slip in the industry.

Austrian oil and gas business OMV climbed 7.4 per cent to €42.79 amid speculation that it was in talks with Abu Dhabi on forming a chemicals group.

Swedish builder Fastighets was one of the Stoxx 600′s best performers, gaining 5.8 per cent to 43.43 kroner by the close. Reports said Nordic property and construction stocks were popular with investors on Tuesday despite volatility stretching back to April last year.

US markets were closed on Tuesday for Independence Day.

— Additional reporting: Reuters