European stocks lost their first gains as US jobs figures disappoint


European stocks lost gains throughout Friday as the US released disappointing jobs news and mining stocks lost ground.

DUBLIN

The Irish market ended up weaker as the index heavyweights lost ground on what brokers called a calm day.

The construction materials giant CRH lost 1.4% to close at € 42.82 on a day when competitors’ shares suffered similarly.

Owner of Paddy Power and Beftair, a global betting company Flutter Entertainment closed down 1.84% at € 117.40.

“Those would be two big components of the index,” noted one broker.

Food and ingredients specialist Kerry Group was down 1.14% to € 108.20. Packaging company Smurfit Kappa was 1.01% to € 45.12.

AIB rose 0.25% to € 1.998, while peers Bank of Ireland fell 3.33% to € 4.791.

Owner Irish Residential Properties Real Estate Investment Trust gained 1.29% to € 1.572. Ryanair was flat at € 15.06.

The dealers said there was “no significant movement” in the Irish market.

LONDON

Wickes Group climbed 11.26% to 239.2 pence after raising its earnings outlook for the full year, saying it has continued to trade well in the fourth quarter so far.

Irish rival Grafton Group, owners of Woodies DIY, rose 0.5% to 1,200p.

Oil major PA added 1.26 percent to 340.85 pence as crude prices rose more than 3 percent in world markets. Dutch royal shelI added 1.11 percent to 1,651.4 percent.

Miners as a whole fell 2.6% but scored weekly gains of more than 1% as commodity prices rebounded from steep losses seen last week after the new strain of virus was detected.

Insurer Prudential climbed 0.8% to 1,281p, while Legal and General Group climbed at a similar pace to close at 285.9p after its German counterpart Allianz raised its shareholder return targets for 2022-24.

The FTSE 100 blue chip posted a 1% weekly gain, recouping some of last week’s losses thanks to a 6% jump this week in energy stocks.

The domestically-focused mid-cap index fell 0.3 percent, dragged down by weakness in communications and healthcare stocks.

EUROPE

Valneva shares fell 14.5% to € 23.62 after a UK study of the French biotech group’s Covid vaccine claimed it offered no boost in immunity to those previously inoculated with the vaccine from Pfizer.

However, the company said no conclusions should be drawn from the study because trial participants received booster doses after shorter intervals than usual.

German insurer Allianz gained 0.5% to € 198.38 after raising the return target for shareholders.

Italian cement manufacturer and rival of CRH Buzzi Unicem was down 1.15% to € 18.51.

Dassault Aviation climbed to the top of the Stoxx 600 after gaining 6.5% to € 89.60 on news that France has reached a deal for 80 Rafale fighter jets with the United Arab Emirates – the largest order ever for the ‘combat plane.

Game company Evolution Also rose 6.5 percent to SEK 935 on a share buyback.

Swedish Orphan biovitrum (Sobi) plunged 24% to NKr 171.5 after U.S. private equity firm Advent International and Singapore’s sovereign wealth fund announced they were withdrawing their offer on the drugmaker.

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Federal figures showed that the United States created 210,000 nonfarm jobs last month, behind the 550,000 expected by analysts. However, with six million jobs created this year, economists estimate that employment is near the maximum.

U.S. stocks lost ground in morning trading on Friday, with tech stocks pushing down major indices as inflation fears and the Omicron variant of Covid fueled volatile trading.

The S&P 500 Technology Index fell 1.5%, causing losses among all 11 major sectors. Actions in You’re here, Nvidia, Microsoft and Apple fell between 0.7% and 3.5%, dragging the Nasdaq down. – Additional reports: Reuters