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Irish Times
15 hours ago
- Irish Times
Earnings and trade talks boost market
Markets surged on Friday on strong earnings news along with hopes of a deal in the US-China trade row and increased likelihood of an interest rate cut. Dublin The Irish market's leading stocks performed well on Friday. Insulation maker Kingspan climbed 2.4 per cent to €72.65. Food group Glanbia added 2.68 per cent to €13.04 while rival Kerry advanced 1.62 per cent to €94.20. READ MORE Ryanair dipped 0.9 per cent to close at €23.72. The banks also lured buyers. AIB added 2.15 per cent to €6.90 while peer Bank of Ireland rose 2.91 per cent to €12.03. Permanent TSB climbed 1.01 per cent to €1.995. London London's indeces climbed on Friday boosted driven by global optimism over earnings, trade policies and easy monetary policy. The blue chip FTSE 100 rose 0.7 per cent while the domestically oriented FTSE 250 jumped 1.1 per cent to close at its highest level since February 2022. Markets have rebounded in recent weeks due to easing concerns over the Middle East conflict, signs of US-China trade negotiations and potential for US interest rate cuts. JD Sports was among the top gainers on the blue-chip FTSE 100, advancing 7.6 per cent to 87.88 pence sterling after US rival Nike's upbeat earnings bolstered sportswear brands. Unilever shares rose 1 per cent to 4,432p after the Financial Times reported it was buying men's personal care brand Dr Squatch from private equity firm Summit Partners for $1.5 billion (€1.3 billion). On the flip side, the FTSE 350 precious metals and mining index dropped 4.4 per cent as gold prices tumbled following a ceasefire between Iran and Israel. Fresnillo fell 4.2 per cent to 1,433p while Endeavour Mining slid at the same rate to close at 2,176p. Hochschild Mining shed 2.6 per cent to 251.8p. Europe European stocks closed at an over one-week high on Friday, fuelled by a rally in automakers, as investors took more risks on hopes for a truce in the US-China trade spat. The pan-European STOXX 600 index closed 1.1 per cent higher, snapping a two-week losing streak and posting its first weekly gain in three. German stocks notched their strongest weekly rally in two months, while France and Spain's main indexes clocked their best weeks in over a month. European auto stocks and the luxury sector particularly sensitive to China-related headlines, jumped 4.1 per cent and 2.5 per cent respectively, steering sectoral advances. Porsche jumped 7.6 per cent after newspaper Handelsblatt reported that the carmaker was looking to sell its consulting and IT services business MHP, which could be worth more than €1 billion. The STOXX 600's energy sector suffered its first drop in weeks. The industry lost steam as oil prices plunged, after fears of a closure of the Strait of Hormuz – crucial to global supply – subsided following a 12-day conflict between Israel and Iran. US Wall Street pushed stocks toward fresh all-time highs after Friday's economic data eased concerns about the impacts of tariffs. Signs that the US economy shrank in the first three months of the year while people reined in spending sparked hopes that central bankers will cut interest rates again this year. Sportswear giant Nike was up 15.5 per cent at $72.17 (€61.68) shortly after 6pm Irish time after the group pledged to cut production for the US market in China. The company reported a year-on-year 12 per cent decline in revenue to $11.1 billion, but its 14 cent per share earnings beat market expectations, prompting investors to back the stock. The main Wall Street indexes – the S&P 500 and the Nasdaq – touched intraday record highs on Friday with technology stocks in the lead. Prices paid by consumers for goods and services rose 2.3 per cent overall in the US last month. Analysts argued that they showed little impact from tariffs on imports. The Fed, the US central bank, expects inflation to rise during the summer months, but if this does not materialise, it has indicated that it will cut interest rates.
The Irish Sun
2 days ago
- The Irish Sun
High street chain shutting 2 MORE Irish stores after closing Dublin location & punters cry ‘we'll have no shops left'
ONE of Ireland's most beloved high street retailers is set to close its doors for the final time tomorrow, with two more Northern Irish locations set to shut in months. River Island's Henry Street store will close on Friday along with two other locations on the island of Ireland early next year. 1 River Island has announced major closures in Northern Ireland and the Republic of Ireland Credit: Alamy It comes as part of a wider restructuring plan across the The retailer will be closing its shops in Lisburn and Bloomfield's Shopping Centre in Bangor. The closures will come in January and 31 other locations around the UK will be shutting as well. And hundreds of Read more in Money Out of the 230 stores across the UK and Northern Ireland, 97 won't be impacted by the closures. Sky News has reported that the restructuring plan will be put to business creditors in August. And the company is set to renegotiate rents with the landlords of 70 other shops. It's also been announced that the Banbury branch will be closing on June 28. Most read in Money The announcement of the store closures in Northern Ireland comes just after the news that they will also be The fashion giant owns 24 locations with multiple branches in Beloved high street chain with 24 Irish locations confirms Dublin city centre store closing down in 10 days in huge blow But one of their biggest locations, on busy Henry Street in the capital's city centre, is set to close. The announcement was made just days ago on a poster in the store front. It reads: "This store is closing. "This store will be closing from Friday 27th June." But they told customers that shopping at the store will still be possible online and in person. Customers were reassured that they can visit the nearby Grafton Street location or visit the online store. But customers were devastated and took to Reacting to a post on Facebook sharing the news, one person said: "First it was new look now this I'm pretty sure the store next will be going... I would actually cry if next will be shut down." Another commented: "Really sad news. One by one are closing." And a third penned: "We will have no shops left in Ireland."
The Irish Sun
7 days ago
- The Irish Sun
We built our dream home from scratch in Irish countryside on budget – our smart approach means we're €175k better off
A SAVVY young couple's smart approach to building their dream home in the Irish countryside has seen them €175,000 better off. Newlyweds Jodi and Philip Kerr were "first time buyers and builders all in one' when they started their new home project on a tight budget. 5 Newly-weds Jodi and Phillip Kerr decided to take a leap of fate when building their dream home Credit: Collect 5 The pad is located in the countryside and is only weeks away from being finished Credit: Collect 5 And they've now shared all of their tips to other couples looking to follow suit Credit: Collect But thanks to tight cost control and smart budgeting the young couple are just weeks away from living happily ever after in their dream pad - and it's already worth €175k more it cost them. As house prices continuing to skyrocket in Ireland, self-building can be a practical way to cut costs and have complete control over the design decisions. Statistics show that the And the number of self-build mortgage approvals has also grown steadily, with over 1,300 approved in Ireland last year alone. Many of these are young couples choosing to build their own pads from the ground up. And one such savvy couple is Jodi and Philip who are in the final weeks of building a breathtaking home in the Northern Irish countryside. And after two years of building, the couple, who are only in their 20s, have revealed how they went about their bargain dream build. Jodie said: 'We got engaged in February 2023, and we went straight to an architect. 'My husband had a plot of land near where we were living and that's what we wanted to start working on. 'We had no experience at all. Both of us were only 24 when we first started the process and we were just thrown in there - first time buyers and builders all in one.' We renovated two homes in Dublin on a budget and completely transformed them - here's our major tips for home buyers Now only weeks until it is finished, building the pad cost the couple €408k - but it will have a market value of a whopping €584k. The couple chose to build near Philip's Since teenagers, Jodi and Philip also saved money in a Help to Buy ISA. And while this did not directly apply to funding their self-build project, it still gave them a strong start and helped them build good savings habits early on. The pair also secured a self-build mortgage through Ecology Building Society in the ECO COST-SAVING To qualify for this mortgage, their home had to meet environmental standards such as installing solar panels and an air source heat pump - both of which will also save them money in the long run on utility bills. However, despite being their last resort, it turned out to be a suitable option for their stunning pad. Jodi said: 'So we had a lot of savings to start off, and then we got a self-build mortgage with Ecology Building Society based over in England. 'When going with them we had to have an ecological house - heat pump, solar panels, and a different septic tank to make sure that everything's economical. 'We had to prove all of that on our plans and that they were going ahead, and then they accepted us." CASH BACK At the time they began their project, there were no government grants available specifically for self-builders in Northern Ireland. However, they now will be eligible for a £500 (€584) eco-friendly home grant once the build is complete and the house is signed off due to their choice in 'We had no experience at all. Both of us were only 24 when we first started the process and we were just thrown in there - first time buyers and builders all in one.' Jodie Kerr Up next was sourcing an architect that fit all of their needs while sticking to a budget - and they happened to find their ideal match on Instagram. Their architect provided a lot of advice on both the design and budgeting, and helped them find ways to reduce overall costs. What's more, they also sourced cheaper materials where possible and adjusted some FLEXIBLE PLAN And whenever costs went over budget in one area, they cut spending in other areas to stay within their overall financial plan. Jodi said: 'We've been able to kind of reel it in in different places, splurge and cut back on different things. "But we've been so happy with our architect, he was able to guide us to stay within the budget. 'There's no point getting stressed with spending more money in one area because it's always possible to save on other things along the way. 'It just kind of weighs itself up. You can stay in your budget with good advice and planning.' COST CHALLENGES However, there building experience was not without its challenges - such as the cost of building insurance and But living close to the building site allowed the couple quickly solve any problems that came up - only delaying their move-in date by a few weeks. The couple also admitted that managing the budget required a lot more of their time and effort than they could have imagined. And to help, they even hired a quantity surveyor who kept a close eye on pricing and costs. But despite the difficulties, building their home from scratch did also come with a surprise benefit - it brought the newlyweds even closer together. ADVICE FOR OTHERS The experience also taught the savvy couple many lessons about planning and patience. And they are keen to share their insight with others as they are sharing their building journey on Her advice to other young couples is to work with a reliable and trustworthy team throughout the process to alleviate stress. It is also essential to be clear and realistic about your budget from the start as costs can add up quickly and unexpected expenses are almost guaranteed. 'There's no point getting stressed with spending more money in one area because it's always possible to save on other things along the way." Jodie Kerr What's more, patience is crucial because delays and changes are almost inevitable in any self-build And finally, make sure you listen carefully to the professionals, such as architects and builders, as it will save you time and money in the long run. 'BE CLEAR ABOUT WHAT YOU WANT' Jodi added: 'Make sure that you're working with a team that you trust, and then your builder and your architect are trusting and listening to you too. 'Be clear about whether you want an energy efficiency house or whatever sort of design elements you want while making sure you're set in your budget and don't run off on it. "Be patient within the whole situation, we've waited two years for our house to come together, and it finally feels like it's coming home straight. 'And just listen to the people that you employ – take their advice on board, and you'll be 100 per cent. 'If you just kind of go off with your own ideas and think that you know better, then that's where you come into problems." 5 The couple are set to move into their dream pad this summer Credit: Collect 5 The property is now worth €180,000 more than it cost to build Credit: Collect
