World stock markets rose on Tuesday, first on upbeat Chinese data and later on a solid increase in US factory output, while the dollar see-sawed on expectations the Federal Reserve will keep a downbeat economic outlook when policymakers meet this week.
Euronext Dublin finished the day up 2 per cent, driven mainly by Paddy Power Betfair owner Flutter Entertainment, which saw its stock rise by more than 5 per cent.
“There was strong US data out overnight, as well as a deal announced between William Hill and ESPN, highlighting the importance of the partnerships that Flutter already has,” said a trader.
Irish banks mostly performed well following recent weaknesses. Bank of Ireland was up 2.4 per cent, while AIB was flat on the day.
One of the worst performers, however, was Permanent TSB which finished the day down 6.8 per cent.
In aviation the looming threat of Brexit and current travel restrictions were cited by a trader as the main reason Ryanair finished the day down 0.3 per cent.
Building material group Kingspan enjoyed a 4.5 per cent bounce in its share price after it agreed the terms of a new loan that would yield €750 million for the company.
“People are suggesting that they won’t be holding cash on the balance sheet so they think they will be looking to use those funds for acquisitions imminently,” said a trader.
Elsewhere, packaging company Smurfit Kappa was up 4 per cent, while building materials group CRH, which is the biggest component of the market, was up 3.2 per cent.
Kerry Group finished the day down 0.8 per cent, while hotel operator Dalata was down 3.2 per cent on light volumes.
The UK’s FTSE 100 jumped 1.3 per cent, outperforming its European peers after a handful of positive corporate updates