Ireland’s stock market opened the new week on a strong footing on Monday, with the ISEQ All‑Share index rebounding in line with a broader European rally fuelled by renewed hopes of imminent US interest‑rate cuts and cautious optimism around Ukraine peace talks. [1]
By the close, the ISEQ All‑Share stood at 12,308.94, up 1.05% on the day, according to historical data from Investing.com and live readings from Irish broker Davy. [2] The ISEQ 20 blue‑chip index added about 1.0%, while the ISEQ Financial index outperformed with a jump of roughly 1.8%, underlining how bank stocks were at the heart of Monday’s move. [3]
The advance helped unwind part of last week’s tech‑driven sell‑off that had pushed European equities to their sharpest weekly decline since July. [4]
ISEQ All‑Share back above 12,300 and near mid‑November highs
Monday’s close at 12,308.94 leaves the Irish benchmark a touch above the 12,300 mark and only about half a percent below its mid‑November peak around 12,365, reached on 14 November. [5]
Over the past week, Irish equities have been choppy alongside global markets. Data compiled by Simply Wall St show the local market down around 1–2% over the last seven days, largely due to financials and some large caps giving back recent gains, but still trading near its three‑year average valuation of roughly 12x earnings and modestly below global developed‑market multiples. [6]
That backdrop helps explain Monday’s rebound: with valuations no longer stretched and sentiment stabilising after last week’s volatility, investors were quick to rotate back into cyclical and rate‑sensitive Irish names once the macro tone improved.
Irish bank stocks lead the Dublin rebound
Bank shares were the clear winners on Euronext Dublin:
- Bank of Ireland Group (BIRG) climbed to about €15.69, up 2.65% on the day by late morning, according to both Davy’s live prices and the bank’s own investor relations page.
- AIB Group traded around €8.50, gaining roughly 1.4%.
- Permanent TSB Group Holdings was up about 1.25% at €3.24. [7]
The strong move reflects the broader European trend: Reuters and Investing.com reported that financial stocks led Monday’s recovery across the continent as investors priced in a growing probability that the US Federal Reserve could start cutting rates as soon as December, even as Fed officials send mixed signals. [8]
There was also stock‑specific news around the sector. Permanent TSB remained in focus after J&E Davy disclosed principal trading activity in the lender’s shares in a regulatory filing dated 24 November, detailing market‑making buys and sells executed on 21 November. [9] While the volumes are modest relative to the bank’s overall free float, the notice underlines continued institutional interest and liquidity in the stock.
Medium‑term, Irish banks remain central to the ISEQ story. Earlier in the year, S&P Global and others highlighted that the sector entered 2025 with strong capital levels and robust profitability, even as they braced for tariff‑related and macro headwinds. Monday’s rally suggests that, for now, investors still see higher‑for‑longer rates transitioning towards gentle cuts as a reasonably favourable backdrop for Irish lenders.
Ryanair edges higher as buyback programme continues
Ryanair Holdings also contributed to the positive tone in Dublin. The airline’s shares were quoted around €26.72, up 0.68% by late morning on Euronext Dublin.
Before the market opened, Ryanair published a “Transactions in own shares” regulatory filing. The company reported that between 17 and 21 November it had repurchased, for cancellation, 11,223 ordinary shares on the Dublin line and a further 321,266 ordinary shares underlying its American Depositary Shares, at volume‑weighted average prices in the mid‑€26 range in Dublin and around $31 in New York, as part of a buyback programme first announced in May. All repurchased shares will be cancelled, incrementally lifting earnings per share over time.
Ryanair also remained in the headlines for operational reasons. The carrier confirmed plans to cancel all routes to and from the Azores from March 2026, citing high airport fees and increased charges that it says undermine the economics of the network. The withdrawal will remove six routes and roughly 400,000 seats per year, according to travel‑industry coverage and the company’s own communications. [10] The decision appears to have had only a muted impact on Monday’s share price, suggesting investors view the change as a rational pruning of marginal capacity rather than a strategic shift.
Kerry, Kingspan and CRH: cyclicals paint a nuanced picture
Outside the banks and airlines, several heavyweight Irish‑linked names offered a more mixed read‑through on the economy:
- Kerry Group, the food ingredients and flavours specialist, traded near €78.10 in Dublin, down about 0.2% on the day after a strong run‑up late last week. Kerry’s London‑listed line showed a similar pattern, with modest intraday gains after a sharp rally on Friday.
- Kingspan, a bellwether for construction and energy‑efficiency spending, rose around 1.35% to €67.55, adding to November’s recovery after a difficult October for European building‑products names.
- CRH, the Irish‑domiciled construction materials giant now primarily listed in New York and London, advanced close to 2% in London trading to about 8,503.5p, following a period in which its NYSE‑listed stock has hovered a little below its late‑October 52‑week high near $122.
Together, these moves suggest investors continue to favour globally diversified Irish industrials and building‑materials groups that can benefit from US infrastructure spending and European energy‑efficiency investment, even as they pick their spots among more defensive consumer names like Kerry.
Global backdrop: Europe tracks Fed‑cut optimism and Ukraine peace talks
Monday’s Irish gains came against a constructive global backdrop. Across the continent:
- The pan‑European STOXX 600 index rose roughly 0.4%, recovering part of last week’s drop.
- Banks, technology, construction and autos led the advance, helped by a softer dollar and falling bond yields as markets bet on US rate cuts in the coming months.
- Defence stocks lagged after headlines that the US and Ukraine are working on a revised peace plan, which investors interpreted as slightly reducing the near‑term appeal of defence names. [11]
RTÉ’s morning markets update echoed the theme, noting that European shares “bounced back” with financials in the lead as traders grew more comfortable with the idea of US policy easing next year. [12]
For Ireland, whose equity benchmark is heavily weighted towards banks, global construction, airlines and food producers, this mix is supportive: cyclicals benefit from improved risk appetite, while quality defensives offer a backstop if macro data disappoint.
Under the surface: fundamentals and what to watch next
While Monday’s moves were driven mainly by global macro sentiment, the fundamental backdrop for Irish equities remains an important part of the story:
- Growth and activity: Ireland’s services sector has remained one of the stronger performers in the euro area, with the AIB services PMI for October in solid expansion territory, pointing to resilient domestic demand heading into year‑end. [13]
- Valuations: Aggregated data show the Irish market trading around 12x earnings, broadly in line with its three‑year average and slightly cheaper than many major developed markets. Earnings are expected to grow at a pace similar to the market’s historic trend, driven by banks normalising dividends, globally exposed industrials and resilient consumer and pharma names. [14]
Key catalysts investors will be watching in the days ahead include:
- Fresh US economic data and Fed commentary that could validate or challenge current rate‑cut expectations. [15]
- The UK’s upcoming budget, which may influence gilt yields and, by extension, European and Irish rate expectations. [16]
- Any escalation or breakthrough in Ukraine peace talks, which have already started to affect sector leadership in Europe, particularly defence and energy. [17]
For now, 24 November 2025 will go down as a constructive session for Euronext Dublin, with the ISEQ All‑Share back above 12,300, banks comfortably in the green, and flagship names like Ryanair, Kingspan and CRH broadly tracking the global recovery in risk appetite.
Disclaimer: This article is for information purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Always conduct your own research or consult a regulated financial adviser before making investment decisions.
References
1. www.reuters.com, 2. www.investing.com, 3. live.euronext.com, 4. www.reuters.com, 5. www.investing.com, 6. simplywall.st, 7. www.davy.ie, 8. www.reuters.com, 9. www.investing.com, 10. traveltomorrow.com, 11. www.reuters.com, 12. www.rte.ie, 13. www.reuters.com, 14. simplywall.st, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com
