Friday 21 October 2016

Dublin rises marginally to buck the trend

Published 31/12/2015 | 02:30

Traders work on the floor of the New York Stock Exchange. Photo: Reuters
Traders work on the floor of the New York Stock Exchange. Photo: Reuters

The Irish Stock Exchange was up marginally yesterday.

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In a quiet day on the market, the index ended the day's trading up 11 points to 6,852. This was despite weak commodity prices pulling down share prices around the world.

Insurer FBD produced the main corporate news of the day, having lost around 42pc of its value this year.

The insurer fell in early trading after a turbulent extraordinary general meeting to approve a €70m loan that will help it meet tough new solvency standards that the EU is to impose on underwriters from January 1.

The board of the company came in for strong criticism from shareholders at the EGM. They claimed that up to recently it had a flawed strategy and questionable culture similar to that of the Irish Farmers' Association (IFA). Shares fell 18c early on, before ending the day up slightly at €6.80.

Recruiter CPL Resources had a good day as the emphasis in the economy shifts from unemployment to trying to fill vacancies and encouraging emigrants to return home. The shares were up to €6.24.

Financial services group IFG was another mover, up 2pc to €2.31.

In early US trade Wall Street was lower as Brent crude slid back towards the 11-year low it hit last week, and Apple weighed on all three major indexes.

Apple was the biggest drag on all three indexes over concerns about potentially soft iPhone sales have hit the stock in recent weeks. The company settled a tax dispute with the Italian tax agency.

European stock markets fell as weak commodity prices impacted the shares of mining and energy companies. Britain's FTSE 100 index of leading shares fell, while Germany's DAX retreated also.

Irish Independent

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