European shares little changed as next chapter of Greek saga unfolds

European stocks were little changed as mixed US data supported the Fed’s case for a gradual increase in rates, tempering Greek debt concern. The Stoxx Europe 600 Index added 0.1 per cent.

DUBLIN

Bank of Ireland

traded up nearly 3 per cent, at 36 cents, having been down early on in the day. The intra-day swing was put down to wider industry sentiment driven by the ongoing Greek saga.

A similar swing guided the fortunes of building materials group CRH, which closed 0.2 per cent up, at €25.71 after being pummelled early on.

Swiss-Irish food group Aryzta continued on a downward path, falling 1.2 per cent to €47.49 as investors fret over the company's US business and its decision to invest in frozen food. Iseq heavyweight Ryanair gained 1.1 per cent at €11.54, in line with other European airline stocks.

Dragon Oil closed down 0.2 per cent at 10.19 after a recent buyout offer from the Emirates National Oil Company was said to undervalue its growth potential. The three property real estate investment trusts (reits) – Hibernia, Green and Ires – remained largely level for the day.

LONDON

Britain’s top share index ended higher after slipping to a five- month low earlier in the session, with a strong bounce in miners and a rally in US equities helping the broader market.

The blue-chip FTSE 100 index finished 0.4 per cent higher at 6,707.88. Miners were the top gainers, with the sector index rising 1.8 per cent, after copper climbed on upbeat Chinese data and a weaker dollar.

Shares in Anglo American, Fresnillo, Randgold Resources and BHP Billiton rose between 2.1 and 2.7 per cent.

Yesterday's gains were capped by falls of 0.4, 2.9 and 3.1 per cent respectively in shares of Land Securities, Severn Trent and 3i Group as they traded ex-dividend.

Poundland fell 3.5 per cent after the discount retailer said first-quarter growth had slowed and first-half trading would be subdued.

While online gaming company Playtech said trading was strong, it fell 0.9 per cent after saying it would raise £250 million through a share placing.

EUROPE

European stocks initially fell before recovering as the region’s finance ministers meet amid growing concern over Greece’s ability to reach a deal.

Greece’s ASE Index rose 0.4 per cent, reversing a drop of as much as 4.3 per cent. Swiss shares were among the worst performers in western-European markets.

ABB dropped 3.2 per cent after UBS recommended selling the shares, saying estimates on the performance of some businesses are too high.

Bilfinger fell 14 per cent after a review revealed substantial losses at its power business. The company said it would sell the unit within a year.

Telecom Italia gained 4.1 per cent. Vivendi, its biggest investor, is in favour of the Italian carrier exploring a sale of its Brazilian business, according to sources.

A gauge of car makers was the worst performer among 19 Stoxx 600 groups, with Volkswagen and Renault slipping at least 1.1 per cent.

NEW YORK

The Nasdaq Composite index surpassed the 15-year all-time high it set during the peak of the dotcom bubble as more data showed the US economy was gathering steam. The index hit 5,137.36, topping the previous high of 5,132.52 it touched in March, 2000.

Microsoft's 1.4 per cent rise lifted the Nasdaq and the S&P 500, while 3M's 1.8 per cent gain was the biggest boost to the Dow. All 30 Dow components were in the black.

Fitbit shares ran up as much as 60 per cent to $31.90 in their debut, valuing the maker of popular wearable fitness-tracking devices at $6.5 billion.

Oracle shares fell as much as 8.7 per cent to $40.97 – a nearly six-month low – a day after the company forecast a quarterly profit below analysts' estimates. – (Additional reporting by Bloomberg, Reuters)