5.30pm Markets Update

Updated: Tuesday 29 July 2014 17.27

World stock markets hovered just below all time highs as investors drew encouragement from a rally in China, while Russian stocks enjoyed some respite after three days of heavy losses. 

Wall Street was little changed, erasing earlier gains built on built on good news in the telecoms and pharma sectors.

The Dow Jones industrial average rose 4 points, or 0.03%, to 16,987. The S&P 500 lost 1.25 points, or 0.06%, to 1,978 and the Nasdaq Composite added 8.6 points or 0.2% to 4,453.

In Europe, London's FTSE gained 0.3%, or 20 points, to close at 6,808. The Dax in Frankfurt was 55 points, or 0.6%, higher at 9,654 while the CAC in Paris was up 21 points, or 0.5%, at 4,366.

In Dublin, the ISEQ index of Irish shares was up 31 points, or 0.6%, to close at 4,750. CRH was up 31 cent (1.7%) at €18.46 per share. CPL Resources gained 10 cent (1.5%) to close at €6.80. Mincon Group shed 10 (11.6%) to close at 76c, while drinks group C&C was down 3.3 (0.75%) at €4.37.

Overnight in Asia, markets saw gains ahead of some property developers’ interim earnings.
 
The Hang Seng was 212 points (0.9%) higher at 24,640, while the Nikkei in Tokyo was up by 88 points (0.6%) to 15,618.