ISEQ bucks European stocks trend
Published 24/05/2016 | 02:30
European shares retreated yesterday as chemical companies and oil producers tumbled, while investors speculated on the potential timing of a Federal Reserve interest rate increase.
But Irish shares bucked the European trend. By the close in Dublin, the ISEQ Overall Index was up 0.53pc, or 32.88 points, to end the trading session at 6,262.03.
The leaders on the Dublin market included insurance company FBD, which rose 1.8pc to €6.47, while Ryanair increased 2.8pc to €13.58 as it announced a rise in annual profits of 43pc.
On the other side of the board, the laggards included hotel group Dalata, which fell 0.6pc to €4.78, while building materials group CRH fell 0.2pc to €26.40.
Elsewhere, the Stoxx 600 dropped 0.4pc to 336.69 at the close of trading, after earlier gaining as much as 0.4pc and falling 0.8pc. Shares climbed the most in a month on Friday as investors shrugged off concerns that a Fed interest rate increase as early as June will derail the US economic recovery.
Still, the rate outlook remains in focus and investors will look to data this week and comments yesterday from regional Fed chiefs for St Louis, San Francisco and Philadelphia for indications on the trajectory of borrowing costs.
Bayer slid 5.7pc, leading a measure of chemical shares to the biggest loss on the Stoxx Europe 600 Index, after disclosing terms of its offer to acquire Monsanto amid concern that it's stretching its finances for a deal.
Fiat Chrysler dragged carmakers lower after a report that the German transport authority accused it of manipulating pollution emissions, which it denies. Oil shares lost as crude retreated for a fourth day.
Additional reporting by Bloomberg