European shares rallied in the first trading session of the year, as Brexit deal and coronavirus vaccination bolstered hopes of an economic bounce back
Shares on Euronext Dublin rose a relatively strong 1.6pc on the first day of business since Britain left the European Union’s single market, causing the biggest shift in European share trading in two decades.
It was a day of mixed fortunes for Irish-listed companies as several pandemic-hit sectors lost ground amid generally positive performances.
Ryanair fell 5.35pc amid general weakness among airlines, while hotel group Dalata ended the day down 3.3pc.
The fortunes of the big two domestic banks diverged, with AIB losing 5pc while Bank of Ireland remained flat on the day.
Big market-cap stocks CRH, Kerry Group and Flutter all ended well into positive territory, though. CRH rose 3.29pc, while Kerry added 2.36pc.
Flutter climbed 2.61pc following the announcement last week that it had completed the $4.2bn accelerated deal to increase its stake in US fantasy sports company FanDuel to 95pc.
Meanwhile, European shares rallied in the first trading session of the year, as a landmark Brexit trade deal and coronavirus vaccination campaigns across the continent bolstered expectations of a strong economic rebound.
The pan-regional Stoxx 600 index gained 0.7pc to touch fresh February 2020 highs.
Global stocks hit record highs, with the Stoxx 600 recovering about 50pc from its March 2020 trough as investors pinned their hopes on coronavirus vaccines to fuel a speedy economic bounceback.
Adding to the upbeat sentiment, a survey showed German factories churned out more goods in December despite a stricter lockdown to head off a spike in coronavirus deaths.
IHS Markit’s final Purchasing Managers’ Index (PMI) for manufacturing rose to 58.3 from 57.8 the previous month.
London’s blue-chip index gained 1.7pc in its first day of trading with Britain outside the European Union’s orbit.
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