Wednesday 28 September 2016

ISEQ bucks European share trend

Published 26/04/2016 | 02:30

Traders work at the kiosk where Pandora internet radio is traded on the floor of the New York Stock Exchange. Photo: Reuters
Traders work at the kiosk where Pandora internet radio is traded on the floor of the New York Stock Exchange. Photo: Reuters

The major European shares declined for a third day as energy and commodity producers slid, while investors assessed growth prospects following worse-than-expected German business confidence data.

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But Irish shares bucked the trend, with the ISEQ Overall Index increasing 0.4pc, or 24.79 points, to end the trading session at 6,148.11.

The leaders on the Dublin market included Cpl Resources, which increased 1.7pc to €5.85, while insulation group Kingspan rose 1.6pc to €22.05.

On the other side of the board, the laggards included speciality baker Aryzta, which slipped 2.6pc to €33.03, while Fyffes dropped 1.1pc to €1.61.

Elsewhere, the Stoxx 600 slipped 0.5pc to 346.68 at the close of trading, paring earlier declines of as much as 0.9pc.

Germany's benchmark DAX Index slid 0.8pc after a report showed business confidence in Europe's biggest economy unexpectedly deteriorated in April. Anglo American and BHP Billiton fell at least 5.8pc, leading miners to the biggest decline of the 19 industry groups on the Stoxx Europe 600 Index, as base metals retreated.

Royal Dutch Shell lost 2.2pc, dragging oil companies lower as crude slid. Royal Philips dropped 4.3pc after saying it is considering an initial public offering of its lighting business.

"Whether you pin it on oil, or earnings or company-specific news, it doesn't really matter," said Frances Hudson, an Edinburgh-based global thematic strategist at Standard Life Investments.

"If you were to put all the headlines that are out there in front of you, there aren't any positive ones. Expectations are quite low for economic progress in terms of the data coming out this week."

Additional reporting by Bloomberg

Irish Independent

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