Tuesday 27 September 2016

Irish shares fall despite spring statement

Colm Kelpie / Agencies

Published 29/04/2015 | 02:30

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

Irish shares fell yesterday even as the Government forecast economic growth of 4pc this year.

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By the close in Dublin, the ISEQ Overall Index was down 1.05pc or 66.52 points to end the trading day at 6,290.39.

The leaders on the Dublin market included Permanent TSB, which was up 4.9pc to €5.14 one day after the Government announced it had reduced its stake by 25pc in the state-owned lender.

Dalata Hotel group increased 2.8pc to €3.70, while IFG Group was up 3.2pc to €1.94.

On the other side of the board, the laggards included Ryanair, which fell 1.7pc to €10.96, while building materials group CRH fell 0.9pc to €26.43.

Elsewhere, European stocks slipped, after two days of gains, as healthcare shares dropped, and companies including Standard Chartered posted disappointing earnings.

The Stoxx Europe 600 Index retreated 1.5pc at the close of trading. Healthcare companies posted the worst performance of the equity benchmark's 19 industry groups.

Shares extended losses after data showed US consumer confidence unexpectedly declined in April to a four-month low.

"Today's action in Europe is more of a sell-the-news event and follow through from the strong reversal in US indices yesterday," said Ion-Marc Valahu, co-founder and fund manager at Clairinvest in Geneva.

"Greece is making some progress but we all know it is just pushing the can down the road. Growth in Europe is not there yet, even in Germany. Therefore, European equities might have moved ahead too far, too fast."

Shire, Novo Nordisk, and AstraZeneca all fell at least 3pc.

Among stocks active on corporate news, Standard Chartered dropped 3.2 pcafter first-quarter profit missed analysts' estimates. Commerzbank retreated 5.7pc after saying it plans to sell €1.4bn of shares to boost capital.

Irish Independent

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