Business Irish

Wednesday 29 March 2017

Europe stocks erase gains

Traders work at their desks in front of the German share price index, DAX board. Photo: Reuters
Traders work at their desks in front of the German share price index, DAX board. Photo: Reuters

European shares erased gains, heading towards their third daily retreat, as energy producers and miners tumbled amid sliding commodity prices.

By mid-afternoon in Dublin, the ISEQ Overall Index had bucked the trend, however, rising 0.49pc, or 30.28 points, to 6,209.23.

The mid-afternoon leaders included Ryanair, which had reversed its losses in the wake of the Brussels attacks on Tuesday, rising 2.2pc to €13.70, while Kerry Group increased 1.7pc to €81.73.

On the other side of the board, the laggards included Paddy Power Betfair, which slipped 1.4pc to €115.45 as it announced former Paddy Power chief executive Andy McCue is to leave at the end of April.

Mr McCue had become chief operating officer of the recently merged betting giant.

Building materials group CRH also fell 1pc to €24.54.

Elsewhere, the Stoxx Europe 600 Index fell 0.3pc to 339.26 at 3:06pm in London, erasing earlier gains of as much as 0.6pc. The volume of shares changing hands was 29pc lower than the 30-day average.

The VStoxx Index, a measure of volatility on the Euro Stoxx 50 Index, rebounded 1.6pc, set for a third day of gains, after closing at a three-month low last week.

Total SA paced losses among oil companies as crude extended declines after data showed a higher-than-forecast increase in US inventories.

Anglo American led miners lower. Lenders were also among the worst performers on the equity gauge as KBW Asset Management said the European banking sector will struggle to meet its cost of equity over the next three years.

European shares on Tuesday recovered most losses incurred after bomb blasts at Brussels airport and a central subway station killed at least 31 people and injured more than 230.

Belgian security forces have raided homes in the capital city as they hunt the perpetrators of the terrorist attacks.

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