Saturday 21 October 2017

Dublin little changed on Greek tension

A trader makes notes whilst speaking on a telephone as he works on the trading floor outside the open outcry pit at the London Metal Exchange (LME) in London. Photo: Bloomberg
A trader makes notes whilst speaking on a telephone as he works on the trading floor outside the open outcry pit at the London Metal Exchange (LME) in London. Photo: Bloomberg

IRISH shares fell marginally yesterday, as concerns about the future of Greece hurt trading across European markets.

By the close in Dublin, the ISEQ Overall Index had fallen 0.13pc, or 7.17 points, to close at 5,595.41.

Trading started well, but fell steadily in the afternoon. Only a late rally kept the market from closing at its lowest point in the day.

CRH fell 1.5pc. The construction materials giant, which is in the midst of a €6.5bn acquisition, was cut to "underweight" - the equivalent of a "sell" rating - at Bernstein. The research house criticised the company's bolt-on acquisition strategy and added that the firm struggled to justify the rising stock valuation.

Permanent TSB plunged 9pc after it conceded defeat in a court case over tracker mortgages that could see thousands of customers transferred back to loss-making trackers.

Property firms had a strong day after a report from S&P said prices would likely rise for several years.

Green REIT led the market higher, gaining 4.6pc to reach €1.42 while Hibernia REIT added 1.4pc to hit €1.13.

Elsewhere, shares in Europe were little changed as gains in energy shares offset concern over negotiations between Greece and European leaders.

The Stoxx Europe 600 Index added less than 0.1pc, as did the FTSE 100 Index. In Paris the CAC 40 lost gained 0.2pc while Frankfurt's DAX lost 0.1pc.

"The consequences of the current turmoil in Greece are extremely important," said Pierre Mouton at Swiss asset manager Stucki.

"Greece puts itself at the extreme of the spectrum, while the ECB stands at the opposite. Now it's bargaining time and they should get closer as time goes by," he added. BT added 4.2pc after it bought mobile operator EE.

Irish Independent

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