Energy, miners drag Europe shares down
Published 22/03/2016 | 02:30
Energy producers and miners led a retreat in European stocks, while chemical companies climbed amid merger-and-acquisition speculation.
By the close in Dublin, the ISEQ Overall Index was down 0.17pc, or 10.30 points, to end the trading day at 6,181.21.
The leaders on the Dublin market included betting group Paddy Power/Betfair, which increased 1.1pc to €116.20, while speciality baker Aryzta rose 5pc to €35.50.
On the other side of the board, the laggards included insulation group Kingspan, which fell 1.9pc to €22, while Glanbia slipped 1.2pc to €18.
Elsewhere, the Stoxx 600 slid 0.3pc to 340.82 at the close of trading, after swinging between gains of as much as 0.6pc and a loss of 0.9pc. The volume of shares changing hands was 26pc lower than the 30-day average.
Total SA dragged oil shares to the biggest drop on the Stoxx Europe 600 Index. Commodity producers snapped a three-day advance, with ArcelorMittal leading declines.
BASF and Bayer led chemical stocks to the best performance on the equity gauge as Monsanto was said to have explored possible deals with the two German companies.
"We have seen a pretty strong recovery after the sell-off and the market is losing steam these days," said Matthias Jasper, head of equities at WGZ Bank in Dusseldorf.
"The market needs new orientation for the time being as it is getting weary of the old discussion of the glass being half full or half empty.
"Markets have been so shaky lately that people's willingness to lock in profits is higher than previous years."
Among international stocks moving on corporate news, Swedbank lost 1.7pc after naming a new chief financial officer. Boliden fell 5pc after Citigroup double downgraded the miner to sell from buy, saying its balance sheet isn't attractive.