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Dublin European Markets Close Higher

Friday, August 31 18:02:24

European shares ended higher today, holding onto gains after U.S. Federal Reserve Chairman Ben Bernanke left the carrot of further stimulus measures dangling. In Dublin the stock market closed a hefty 30.14 points higher at 3.160.79. Risers included Arytza up 28c to E39.02, CRH up 5c to E14.03, Glanbia up 6c to E6.32, Kerry up 93c to E38.09 and Paddy Power up E2.12 to E56.19. The FTSEurofirst closed up 5.00 points, 0.5 percent, at 1,082.93, paring the previous session's losses and ending the month up 1.9 percent. Volumes spiked in the closing auction as traders closed positions for the month-end. Investors expectations of imminent stimulus had dimmed somewhat heading into the symposium in Jackson Hole at which Bernanke said the Fed was ready to provide more stimulus if needed, but gave no signal it was imminent. The speech coincided with data showing U.S. consumer sentiment hit a three-month high in August and separate reports on the manufacturing sector painted a mixed picture. "Bernanke leaves the door open for additional measures but like many central bankers is looking to government to do its part," Oliver Wallin, investment director at Octopus Investments, said. "It was as expected but maybe, quietly, markets were hoping for just a little bit more from him this time around. Now we must wait until the FOMC next week. The suspense is mounting," he said. Wallin said Octopus increased its exposure to strategies capable of exploiting a spike in short-term volatility within equity markets, but overall remained cautious, acutely aware that September could prove a crunch month for investors. The European Central Bank has a policy meeting on Sept. 6 and a German Constitutional Court will rule on the euro zone's permanent bailout fund on Sept. 12, which may affect the ECB's bond-buying plans. There was further uncertainty within the ECB over President Mario Draghi's bond-buying plan after German central bank chief Jens Weidmann's reported threat to resign piled pressure on Draghi to mollify opposition. (C Reuters)