Tuesday 27 September 2016

European stocks slide with retailers

Published 25/03/2016 | 02:30

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

Retailers led a fourth day of declines in European shares in a week shortened by the Easter weekend.

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By the close in Dublin yesterday, the ISEQ Overall Index was little changed, down just 0.01pc, or 70 points, to end the trading day at 6,224.82.

The leaders on the Dublin market included Dalata Hotel Group, which rose 1.2pc to €4.37, while Smurfit Kappa increased 0.9pc to €22.59 as it confirmed its plan to move its primary stock market listing to London.

The €5.3bn company said it would increase its profile and attractiveness to a wider potential investor base.

On the other side of the board, the laggards included Kerry Group, which dropped 0.9pc to €81.40, while drinks group C&C slipped 0.8pc to €3.91.

Elsewhere, Europe's benchmark dropped 1.5pc at the close of trading.

Markets are closed today for Good Friday, with some, including Norway and Denmark, shut yesterday too.

Next led retail shares to the worst performance among Stoxx Europe 600 Index groups yesterday, down 15pc after cutting its annual sales-growth forecast.

Marks & Spencer Group and Associated British Foods, which is the owner of clothing chain Primark, slid 4.9pc or more.

Car giant Volkswagen dropped 2pc after it failed to reach an agreement with authorities in the United States over its tainted diesel engines.

The Stoxx 600 capped its longest losing streak in six weeks as investors awaited the European earnings season and speculated on the pace of Federal Reserve rate hikes.

It hasn't posted back-to-back gains since it reached a two-month high on March 14, signalling a loss of momentum for the rally that more than halved its 2016 decline.

Additional reporting by Bloomberg

Irish Independent

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