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The ISEQ began the year strongly with a 3.7% gain, building on its increase of 5.6% in December. The Irish benchmark outperformed the FTSEurofirst 300 (E300) by 0.1%, extending a sequence of outperformance stretching back to July 2011. Irish industrials rose 2.6% in January, while financials reversed consecutive monthly losses to record an increase of 33.0%. Small caps performed strongly during the month, gaining 6.8%.
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The FTSE all world developed and emerging market indices surged 4.4% and 7.6% respectively in January. European benchmarks had a solid start with the E300 adding 3.6% and the STOXX 600 advancing 4.0%. US markets also experienced a strong opening month with the S&P 500, DJIA and NASDAQ climbing 4.4%, 3.4% and 8.0% respectively. It was the best start to a year since 1997 for both the S&P 500 and the DJIA and since 2001 for the NASDAQ.
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The US dollar spot index fell 1.1% after the Fed pledged to keep interest rates low until at least 2014. Brent oil rose 2.8% due to the US and EU oil embargo against Iran over its nuclear programme. The euro strengthened by 0.9% against the US dollar and weakened by 0.7% against sterling.
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For further detail, see the latest issue of Davy's Monthly Market Monitor, published February 1st.
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