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ISEQ closes the week on a high

Friday, October 05 17:42:23

The main Dublin shares index rebounded today to close the week on a high as markets across the world applauded strong jobs figures from the US.

The ISEQ was up 37.22 points to 3,339.31.

European equities powered higher today, propelled by a strong U.S. jobs report which reassured investors about the health of the global economy and opened the door for a further short-term leg up in miners and industrials.

The U.S. unemployment rate unexpectedly dropped to its lowest level in nearly four years in September, in a bout of good news for European corporates increasingly looking abroad for profits as much of their domestic region faces recession.

Global dairy product prices in September recorded their sharpest monthly increase since January 2011. Prices rose month-on-month by 7pc and reached a six-month high. The rise in dairy - and meat - prices in the month resulted in a 1.4pc mom rise in the Food and Agriculture Organisation (FAO) food price Index. According to the FAO, all five products in the dairy index recorded price rises - skim powder and casein in particular which rose mom by 6pc and 12pc respectively. The FAO states that world demand for milk products remains firm which, combined with increasing feed costs, is underpinning world quotations. Shares in Kerry Group fell 1c to E40.81.