Thursday 27 October 2016

Irish shares start the week almost flat

Published 05/04/2016 | 02:30

Traders work on the floor of the New York Stock Exchange. Photo: Reuters
Traders work on the floor of the New York Stock Exchange. Photo: Reuters

Irish shares were little changed yesterday, as traders eased themselves into their first full week after the Easter break.

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By the close in Dublin the ISEQ Overall Index had added 0.04pc, or 2.66 points, to close at 6,287.09.

The market spiked early in the day but tapered off in the afternoon after US markets opened weaker.

Dalata climbed 3.4pc to close at €4.60. The hotels giant is seen as the top pick for the Irish hospitality sector at present.

Green Reit gained 2.5pc to €1.44. The property firm was boosted by the strong interest in the Blanchardstown Centre, which sister company Green Property has up for sale. While the reit is not involved in Blanchardstown, the strong interest suggests that appetite for Irish commercial property remains strong.

On the other side of the board, speciality baker Aryzta dipped 1.4pc to €35.01 as it continues its recent struggles.

Elsewhere, European stocks rose for the first time in three days on confidence that the strength in the US economy will help global growth.

The Stoxx Europe 600 Index rose 0.4pc. In London, the FTSE 100 Index gained 0.3pc while in Frankfurt the DAX Index added 0.3pc. The CAC 40 rose 0.5pc.

“In Europe most companies are doing okay,” said Benno Galliker, a trader at Luzerner Kantonalbank in Lucerne, Switzerland.

“It’s not a perfect world, but business is not as bad as we hear all the time. The US economy is stronger than many expect and that could help the rest of the world.”

Orange lost 6.2pc and Bouygues plunged 13pc after a deal between the two collapsed.

Peers Altice, Iliad and Numericable-SFR SAS tumbled more than 11pc.

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