A slew of upbeat updates from European blue-chip firms helped the region’s benchmark index posts its best session in 11 weeks on Wednesday and further recover from Monday’s sharp losses, while travel stocks roared back after weeks of decline.
A rise in hammered bond yields helped banks post their best session in more than four months. Meanwhile, investors expect the European Central Bank to stick to a dovish tone at its Thursday policy meeting.
The Iseq rose 2.2 per cent for its second consecutive gain after a dismal start to the week on Monday. Several major stocks posted decent advances after buyers returned to the market.
As banks climbed across Europe, AIB surged 5.8 per cent to €1.93, while Bank of Ireland finished 1.4 per cent higher at €4.10. Building materials group CRH, the largest stock on the index, added 1.3 per cent to €41.12.
It was a good day for Dalata Hotel Group, which soared 7.3 per cent to €3.74 after analysts at Davy updated their forecasts for the stock, and Ryanair, with the airline closing 4.2 per cent higher at €15.58, as optimism returned to investors in travel stocks.
Packaging group Smurfit Kappa added 2.25 per cent to €45.91, while Paddy Power owner Flutter Entertainment rose 4.1 per cent to €143.70.
Travel-related stocks and retailers helped London’s FTSE 100 to record its strongest session in more than five months, while fashion chain Next was the top gainer after it raised its profit outlook following robust earnings.
Shares of the British fashion retailer surged 7.5 per…