Irish shares lead Europe after May wins Brexit assurances

  • Reuters
  • Stock Market News
Irish shares lead Europe after May wins Brexit assurances
Credit: © Reuters.

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LONDON, March 12 (Reuters) - 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 .ISEQ climbed 0.8 percent, set for its biggest gain since March 1 and outdoing a 0.1 percent rise in the STOXX 600 .STOXX . The DAX .GDAXI rose 0.3 percent by 0825 GMT.

Britain's FTSE 100 .FTSE fell 0.7 percent 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 SPIE.PA led gains, jumping 6.2 percent after reporting stronger-than-expected net income.

German carmaker Volkswagen VOWG_p.DE fell 0.2 percent after reporting a decline in operating margins for its core VW brand and announcing it would introduce almost 70 new electric models by 2028. defence company G4S (CO: G4S ) fell 2.6 percent after its results, which traders said showed full-year revenues were weaker than expected. ADYEN.AS dropped 4.8 percent after pre-IPO investors sold 2.5 million shares at a 9 percent discount. in Swiss toilet and plumbing supplies maker Geberit GEBN.S fell 1.7 percent after the company said it saw a challenging 2019 because of Brexit and political uncertainty in Italy.

Construction materials group Saint-Gobain SGOB.PA got a boost from Barclays (LON: BARC ) upgrading it to "overweight".

Among small-caps, German steel trader Kloeckner & Co KCOGn.DE climbed 7.1 percent after saying it expects higher sales and core earnings this year. shares in Italian luxury goods company Tod's TOD.MI fell 7 percent after it reported a 26 percent decline in profit as marketing costs rose. hopes boosted British housebuilder and bank shares, with Lloyds LLOY.L , RBS RBS.L and Persimmon PSN.L among the top European gainers.

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