Stocks climb again on strong data

Eurostoxx 50: 2,515 (+0.07%) Frankfurt DAX: 6,880.21 (+0.67%) Paris CAC: 3,487.48 (+0.26%)

STOCK MARKETS climbed for a third day as a report showed the US economy added more jobs than predicted and Greece’s private creditors agreed to a debt swap.

European market sentiment remained buoyant as participation in Greece’s debt exchange was sufficiently high for the swap to proceed, though markets awaited information from the International Swaps and Derivatives Association as to whether the event would trigger credit default swaps.

The positive US jobs data lifted the dollar to multi-month highs against other currencies.

IRELAND

THE DUBLIN stock market took its lead from macro-economic events, with one trader noting risk-on sentiment in the market.

The Iseq closed up 0.91 per cent at 3,266.85, with most stocks finishing in positive territory.

Financial services company IFG gained more than 10 per cent to close at €1.38 after the company, which was the subject of a takeover bid last year, said it had received an unsolicited expression of interest in relation to the possible purchase of its International Corporate Trustee Services division.

CRH added 2.2 per cent to €16.00, while DCC had a strong day, gaining 3 per cent to close at €19.80, though on low volumes.

Baked goods company Aryzta shed 4.6 per cent to close at €36.15.

Banking stocks were weak, with some fall off in Irish Life and Permanent towards the end of the session, bringing the stock down 4 per cent to €0.046.

EUROPE

THE EUROPE 600 Index rose 0.6 per cent to 265.7 by the close in London after Greece announced the results of the private-sector involvement in its debt restructuring. The gauge has dropped 0.6 per cent this week.

Linde climbed 6 per cent to €133.60 after predicting an increase in earnings and sales this year as demand in Asia and liquid- and cylinder-gas orders helped the world’s second-biggest maker of industrial gases report higher-than-estimated earnings before interest, taxes, depreciation and amortization.

Cable and Wireless Worldwide soared 6 per cent to 36.3 pence. Vodafone may seek to push back the deadline to bid for Cable and Wireless, said a person with knowledge of the matter.

Straumann Holding AG and Nobel Biocare Holding AG, two Swiss makers of dental implants, surged 8.7 per cent to 153.80 Swiss francs and 8.1 per cent to 11.40 francs, respectively, after Goldman Sachs Group raised its recommendations on the companies.

LONDON

THE UK’S FTSE 100 Index rose 0.5 per cent yesterday to 5,887.49 at the close in London. The measure has still lost 0.4 per cent this week.

The London Stock Exchange Group Plc surged 6.3 per cent to 954.5 pence, its biggest increase in eight months.

The owner of Europe’s oldest independent bourse agreed to buy a majority stake in LCH Clearnet Group Ltd for €463 million as it looks to expand its post-trade services.

Aggreko added 4 per cent to 2,313 pence after posting 2011 sales of £1.4 billion, ahead of analysts’ estimates.

Carnival International Power Plc added 2.2 per cent to 366 pence after Investec Bank said GDF Suez SA is not likely to buy the 30 per cent of shares it doesn’t already own in the company in the near term.

US

US STOCKS advanced, sending the Standard and Poor’s 500 Index toward its fourth weekly rally, after data showing stronger-than-forecast growth in payrolls last month.

Financial shares rose the most in the S&P 500 among 10 groups as Greeces private creditors agreed to a debt swap.

JPMorgan Chase and Citigroup added at least 1.9 per cent. Monster Worldwide, an online recruiting service, rallied 4.3 per cent, extending a weekly surge to 21 per cent.

Lennar and DR Horton gained more than 4.1 per cent as Credit Suisse lifted the homebuilders ratings.

Starbucks jumped 2.1 per cent to $51.45. The world’s largest coffee-shop operator plans to introduce a new single-cup brewer this year at a time when the Keurig coffee machines made by Green Mountain Coffee Roasters already face new rivals.

Green Mountain Coffee tumbled 15 per cent to close at just $52.78.

Anadarko Petroleum gained 3.7 per cent to $86.73. The largest US independent oil and natural-gas producer by market value reached an agreement with Sonatrach Petroleum over taxes in Algeria, giving Anadarko additional crude and adding about $2.6 billion of value to the companys production-sharing agreement.

– (Additional Reporting: Reuters/Bloomberg)