Home builders Cairn Homes and Glenveagh advanced 1.3 per cent and 1.6 per cent to €1.10 and €1.01 per share, mirroring their peers as rates-sensitive construction companies advanced on better-than-expected UK inflation data. Kingspan was also ahead by more than 2 per cent to finish the day €72 per share.
European shares moved higher on improving sentiment around the trajectory if inflation with the blue-chip Stoxx 50 and the pan-European Stoxx 600 both ahead by almost 1 per cent. Britain’s Consumer Prices Index rose 6.7 per cent from a year earlier in August, the slowest pace in 18 months, and less than the 7 per cent expected by economists. The probability of a quarter-point rate increase by the Bank of England at its meeting on Thursday – almost guaranteed earlier this week – fell to 50 per cent, according to swap pricing.
The big names in British lending also moved higher with Barclays, NatWest and Lloyds all ahead by between 0.2 per cent and 4 per cent.The S&P 500 and the Dow Jones Industrial Average gained 0.2 per cent and 0.6 per cent by closing bell in Dublin on Wednesday in advance of a likely pause in the Federal Reserve’s policy tightening campaign. The Nasdaq Composite, meanwhile, was essentially flat in early trading.
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