Irish shares buck European trend
Published 19/05/2015 | 02:30
Irish shares fell yesterday, bucking the European trend where a gain in car manufacturers pushed stocks higher, as Greek equities reversed a drop.
By the close in Dublin, the ISEQ Overall Index dropped 0.57pc or 35.07 points to end the trading day at 6,150.90.
The leaders on the Dublin market included food ingredients company Kerry Group, which rose 1.7pc to €66.06, while Glanbia also increased 1.7pc to €17.74.
On the other side of the board, the laggards included packaging giant Smurfit Kappa, which dropped 1.1pc to €27.70, and Ryanair, which closed down 1.8pc to €10.90.
Elsewhere, the Stoxx Europe 600 Index rose 0.4pc to 398.01 at 4.32pm in London, after falling as much as 0.7pc.
It climbed 0.6pc earlier. Greece's ASE Index added 1.6pc, erasing a drop of as much as 2.7pc after a report that the European Commission is proposing a deal compromise.
Porsche and Volkswagen advanced more than 3pc, sending Germany's DAX Index up 1.3pc.
"Equities, right or wrong, feel 'protected' by European Central Bank (ECB) quantitative easing (QE)," said Steen Jakobsen, chief investment officer at Saxo Bank in Hellerup, Denmark.
"The market is going to church praying the issue with Greece will go away. Normally not the best strategy, but for now it seems to work."
European shares are rebounding after the Stoxx 600 dropped 0.9pc last week as the euro gained, bonds tumbled and economic data in the US missed estimates.
The European benchmark index lost 4.3pc from its record in April through to Friday, trimming its annual advance to 16pc.
In currencies, the dollar jumped from a four-month low on speculation that the US economy will rebound from a sluggish first quarter.