independent

Thursday 17 April 2014

ISEQ drops back as European stocks tread water

IRISH shares slipped yesterday while the major European stocks were little changed. By the close in Dublin, the ISEQ Overall Index had fallen 0.41pc, or 16.61 points, to end the trading day at 4080.94.

It had a mixed day of peaks and troughs. The leaders included drinks group C&C, which rose 2.4pc to €4.19.

Grafton Group, owners of Woodies DIY chain, also seemed to be benefiting from the good weather, as it was up 1.8pc to finish at €5.65. Speciality baker Aryzta closed 0.8pc up at €46.20.

On the other side of the board, the laggards included Kerry Group, which fell 2.6pc to €45.25. Elan dropped 1.3pc to €10.67, while Irish Continental lost 1.4pc to close at €23.20.

Elsewhere, the Stoxx Europe 600 Index completed its fourth weekly gain as investors weighed worse-than-estimated earnings from Google and Microsoft. Both tumbled as earnings missed estimates.

Google dropped 1.4pc as mobile advertising crimped average prices. Microsoft plunged 11pc after missing projections by the biggest margin in at least a decade as demand weakens for personal computers running Windows.

The Stoxx 600 added less than 0.1pc to 299.87.

TECHNOLOGY

National benchmark indices fell or were little changed in 13 of the 18 western European markets. Germany's DAX and the UK's FTSE 100 slipped less than 0.1pc, while France's CAC 40 lost 0.1pc.

SAP and ARM Holdings led a gauge of technology shares to the worst performance on the benchmark gauge.

Royal Vopak tumbled 5pc after cutting its earnings forecast.

Household and professional appliances company Electrolux jumped 5.3pc after raising its estimate for US demand.

Scandinavian media group Schibsted rallied to the highest price in 21 years after posting a profit that topped projections.

On the other side of the Atlantic, most US stocks fell as investors weighed disappointing earnings from Google and Microsoft against better-than-estimated results from General Electric. Gold rose and crude prices fluctuated.

The Standard & Poor's 500 Index fell 0.1pc by later afternoon Irish time.

Irish Independent

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