European shares edge higher as chipmaker stocks rally

European shares ended higher on Friday, as tech stocks made a strong comeback at the end of a bumpy week, while the European Central Bank (ECB) interest rate cut and a flurry of corporate earnings helped the index deliver a second straight week of gains.
The Iseq edged 0.2 per cent higher in the final session of the week, with food group Glanbia the most active stock and one of the top performers in percentage terms, climbing almost 4 per cent to close at €16.32.
Kerry Group added 0.3 per cent to finish at €94.60, while Ryanair nudged up 0.1 per cent to €17.50. Dalata Hotel Group rose almost 1 per cent to €4.29.
It was a more subdued day for the banks, with Bank of Ireland falling 0.5 per cent to €8.90 and AIB closing at €4.92, down 0.2 per cent.
The FTSE 100 slipped 0.3 per cent as a decline in oil prices more than offset the boost generated by stronger-than-expected retail sales data.
Housebuilder stocks, which had advanced earlier in the week, were among the biggest fallers during the session.
Retail stocks including Next, Marks & Spencer and JD Sports Fashion also moved lower despite new official figures showing retail sales grew by more than expected last month.
Nevertheless, the 0.3 per cent increase in September was slower than the 1 per cent growth recorded the previous month, with declining grocery sales dragging on growth, particularly in the technology sector.
Sharp movements in the price of oil continued on Friday, with Brent crude tumbling more than 2 per cent.
Shares in Boohoo dropped 8.4 per cent after the company announced that chief executive John Lyttle was going to be stepping down and that it was launching a strategic review in efforts to improve shareholder value.
The online fashion retailer said Mr Lyttle, who is Irish, had informed the company’s board of his decision to leave his role after five years.
The Stoxx 600 closed up 0.2 per cent as the tech sector led gains with a 2 per cent jump.
That cut the weekly loss for the tech index to 6 per cent, but it remained the worst-performing sector this week after ASML’s weak 2025 sales forecast sparked a rout in chip stocks globally.
The computer chip equipment maker’s shares were up 1 per cent on Friday, while chip stocks Soitec and BE Semiconductor Industries were up 5.6 per cent and 2.8 per cent respectively.
Basic resources shares climbed 1.4 per cent, boosted by strong copper prices.
The luxury stocks index rose 1.1 per cent, after a sell-off earlier this week following LVMH’s weak third-quarter sales.
Elisa fell 4.7 per cent after the Finnish telecom company’s third-quarter revenue missed expectations, while Swedish medical equipment maker Getinge dropped 5 per cent after third-quarter core earnings missed forecasts.
Wall Street stocks were mixed and crude prices were on track for their biggest weekly drop in a month as weak data and disappointing corporate earnings added to worries over softening global demand.
The rally in Chinese stocks in reaction to Beijing’s latest policy steps to boost demand failed to extend itself to Wall Street.
Tech-adjacent mega-cap momentum stocks boosted the Nasdaq, while the S&P 500′s gains were more modest.
A spate of earnings ran the gamut from upbeat to dour, with streaming platform Netflix surging more than 9 per cent after reporting further subscriber growth, while consumer products company Procter & Gamble reported a surprise drop in sales due to slowing demand for its products. — Additional reporting: Reuters/PA