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Irish shares lead Europe after May wins Brexit assurances

Written by Business World, on 12th Mar 2019. Posted in EU

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Irish shares outperformed the rest of the euro zone on Tuesday after European Commission President Jean-Claude Juncker and UK Prime Minister Theresa May agreed a new Brexit withdrawal deal to cope with misgivings about the controversial Irish backstop.

Dublin's ISEQ climbed 0.8%, set for its biggest gain since March 1 and outdoing a 0.1% rise in the STOXX 600. The DAX rose 0.3% by 0825 GMT.

Britain's FTSE 100 fell 0.7% as a surge in sterling weighed on the multinational exporters that dominate the index.

With earnings season nearing an end, results were down to just a trickle.

French engineering firm Spie led gains, jumping 6.2% after reporting stronger-than-expected net income.

German carmaker Volkswagen fell 0.2% after reporting a decline in operating margins for its core VW brand and announcing it would introduce almost 70 new electric models by 2028.

British defense company G4S fell 2.6% after its results, which traders said showed full-year revenues were weaker than expected.

Adyen dropped 4.8% after pre-IPO investors sold 2.5 million shares at a 9% discount.

Shares in Swiss toilet and plumbing supplies maker Geberit fell 1.7% after the company said it saw a challenging 2019 because of Brexit and political uncertainty in Italy.

Construction materials group Saint-Gobain got a boost from Barclays upgrading it to "overweight."

Among small-caps, German steel trader Kloeckner & Co climbed 7.1% after saying it expects higher sales and core earnings this year.

But shares in Italian luxury goods company Tod's fell 7% after it reported a 26% decline in profit as marketing costs rose.

Brexit hopes boosted British housebuilder and bank shares, with Lloyds, RBS and Persimmon among the top European gainers. (Reuters)

Source: www.businessworld.ie

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