9-18-17 4:58 AM EDT | Email Article

By Carla Mozee, MarketWatch

Ryanair shares drop after flight cancellations

European stocks pushed higher Monday, with the week getting under way with tensions surrounding North Korea cooling, but Ryanair Holdings PLC underperformed the broader market as the company canceled hundreds of flights.

The Stoxx Europe 600 index picked up 0.5% to 382.64. All sectors were higher, led by the telecommunications and oil and gas groups. On Friday, the pan-European benchmark slipped 0.3% (http://www.marketwatch.com/story/european-stocks-head-for-16-weekly-rise-as-investors-shake-off-north-korea-jitters-2017-09-15), but finished last week up by 1.4%.

Monday's gains followed advances in Asian equity markets, where South Korea's Kospi Index jumped 1.4%. U.S. Secretary of State Rex Tillerson said the U.S. is seeking "a peaceful solution" to the conflict with North Korea as a military option is the only one left if diplomatic efforts fail. Tillerson made the remarks on CBS's "Face the Nation" on Sunday (https://www.cbsnews.com/news/transcript-u-s-secretary-of-state-rex-tillerson-on-face-the-nation-sept-17-2017/).

Tensions with North Korea are likely to remain a distraction, however markets appear to be becoming desensitised to them at this time," said CMC Markets UK chief market analyst Michael Hewson, in a note.

Stock movers: Ryanair Holdings PLC dropped 3% as the carrier continued its plan, started late week, to cancel between 40 to 50 flights a day over the next six weeks in a bid to improve punctuality.

Hiscox Ltd. (HSX.LN) fell 2.3% as the insurer estimated net claims from Hurricane Harvey will total $150 million (http://www.marketwatch.com/story/hiscox-puts-hurricane-harvey-claims-at-150-mln-2017-09-18). The company said it will announce an estimate for Hurricane Irma once the storm's impact becomes clearer.

Telecom Italia SpA (TIT.MI) were up 3.4% following reports the Italian government will examine France's Vivendi SA's (VIV.FR) control of the Italian telecommunications company. The review will aim to establish whether Vivendi complied with legal obligations when it built its stake in Telecom Italia, according to the New York Times (https://www.nytimes.com/reuters/2017/09/17/business/17reuters-vivendi-telecom-italia-goldenpower.html?partner=IFTTT).

(http://www.marketwatch.com/story/european-stocks-push-higher-with-banks-up-as-investors-embrace-risk-2017-09-12)Indexes: Germany's DAX 30 index rose 0.6% to 12,588.78, and France's CAC 30 index moved up 0.4% to 5,233.19.

The FTSE 100 was up 0.4% to 7,241.58 (http://www.marketwatch.com/story/ftse-100-reaches-for-first-gain-in-5-sessions-as-geopolitical-tensions-ease-2017-09-18). In Portugal, the PSI 20 climbed 1.2% after S&P Global Ratings late Friday raised Portugal's credit rating one notch to BBB-, returning it to "investment-grade" status.

 

(END) Dow Jones Newswires

September 18, 2017 04:58 ET (08:58 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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