Business Irish

Wednesday 28 September 2016

Big bank shares down in ISEQ trading

Sean Duffy

Published 10/06/2016 | 02:30

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. June 9, 2016. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S. June 9, 2016. REUTERS/Brendan McDermid

AIB shares lost 6.84pc on the ISEQ Index yesterday, while shares in and Bank of Ireland also traded down 3.5pc.

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The falls came a day after the Department of Finance said it will take up to 15 years to re-privatise state-owned lender AIB.

Permanent Tsb gained 2.81pc. Ovoca Gold was the biggest loser of the day on the index, down 18.18pc.

Trading on the FTSE 100 Index was down 1.1pc following a drop in housing shares after a forecast that house prices in the UK will decline over the next three months for the first time since 2012.

The DAX fell 1.25pc while the Euro Stoxx50 was down 0.91pc. France's CAC 40 lost 0.97pc.

The Euro Stoxx600 was down by 0.7pc after a profit warning was issued by Essentra.

The specialist plastic and fibres company cited challenging market conditions and a delay on some of its projects for the warning.

Overall, traders pointed to comments from ECB President Mario Draghi as a possible reason for the falls across European markets.

Mr Draghi stated in Brussels that the euro area was in danger of lasting economic damage due to weak productivity and low growth.

The euro was down slightly against the dollar (0.67pc), trading at $1.1319.

The pound was down 0.2pc to $1.4474. It's down 1.8pc against the dollar this year.

The S &P 500 dropped 0.4pc from a ten-month high following rumours on the markets of large bearish positions taken by billionaire investor George Soros.

Meanwhile, 10-year UK bond yields fell to record a low of 1.24pc despite the upcoming Brexit referendum.

Irish Independent

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