Irish drop in shares mirror major European stocks fall
IRISH shares were down by early afternoon yesterday in line with some of the major European stocks.
By lunchtime in Dublin, the ISEQ Overall Index had slipped 1.09pc or 54.86 points to 4960.28.
European stocks fell from a six-year high as companies including Deutsche Lufthansa and Vallourec cut their profit forecasts. US stock-index futures also retreated, while Asian shares rose.
The World Bank yesterday also cut its global growth forecast amid weaker outlooks for the US, Russia and China, while calling on emerging markets to strengthen their economies before the Federal Reserve raises interest rates.
The morning laggards on the Dublin market included the State's two so-called pillar banks, AIB and Bank of Ireland.
AIB was down 4.6pc to 10 cents while Bank of Ireland was still feeling the effects of Wilbur Ross's departure, falling 3.3pc to 27 cents.
Green REIT was down 1.8pc to €1.33 just hours after it announced that it is to buy Dublin property assets valued at €375m.
The UK's FTSE 100 was down 0.7pc at 12.46pm, Germany's DAX had fallen 1pc and France's CAC 40 had slipped 0.8pc. (Additional reporting Bloomberg)