Sunday 25 September 2016

European stocks trim their weekly gain amid Greek concern

Colm Kelpie and Bloomberg

Published 13/06/2015 | 02:30

Traders are pictured at their desks in front of the DAX board at the stock exchange in Frankfurt, Germany. Photo: Reuters
Traders are pictured at their desks in front of the DAX board at the stock exchange in Frankfurt, Germany. Photo: Reuters

European stocks trimmed their weekly gain amid increasing concern that Greece's efforts to renegotiate its debt and stay in the single currency will fail.

  • Go To

By the close in Dublin, the ISEQ Index had lost 0.58pc or 35.94 points to end the trading week at 6,210.08.

The leaders on the Dublin market included drinks group C&C, which rose 0.6pc to €3.55, while dairy group Glanbia increased 0.6pc to €17.51.

On the other side of the board, the laggards included building materials firm CRH, which fell 1.7pc to €25.53, while Donegal Investments slipped 1.8pc to €5.50.

Elsewhere, the Stoxx Europe 600 Index slipped 0.9pc to 389.38 at the close of trading, paring its weekly gain to 0.1pc.

Greece's ASE Index lost 5.9pc, for the biggest decline among western-European markets, with National Bank of Greece and Eurobank Ergasias falling more than 10pc.

Pressure is mounting on Greece to come up with a solution after the International Monetary Fund withdrew from talks in Brussels Thursday, citing "major differences." Greece ruled out cutting pensions and demanded debt restructuring.

Eurozone officials called for a proposal to stabilise the country's debt by the end of Friday, as Chancellor Angela Merkel urged Prime Minister Alexis Tsipras to accept a framework for aid.

Her advisers are already discussing how to deal with a Greek default, Bild newspaper reported.

"I'm beginning to get concerned," said Henrik Drusebjerg of Carnegie Investment Bank in Copenhagen.

"You're scared for the stock market because of Greece and the Fed, which is closing in on the first rate hike. A lot of investors are very frustrated as to where to place their money."

Irish Independent

Read More

Promoted articles

Editors Choice

Also in Business