Business Irish

Saturday 10 December 2016

ISEQ lags as miners lead Europe higher

Donal O'Donovan and agencies

Published 12/05/2015 | 02:30

Traders work on the floor of the New York Stock Exchange May 5, 2015. REUTERS/Brendan McDermid
Traders work on the floor of the New York Stock Exchange May 5, 2015. REUTERS/Brendan McDermid

The Irish stock market bucked the European trend to close lower yesterday, down 0.86pc at 6,176.36.

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Elswhere, gains in retailers and miners helped European stocks post their best three-day advance since January.

Commodity producers climbed after China's central bank cut interest rates for the third time in six months, seen as a boost to demand there.

The picture was mixed across Europe though. Germany's DAX Index lost 0.3pc after rallying 2.2pc last week. Volkswagen and Continental dropped more than 1.3pc as China's car sales fell in April.

Shares in French aviation giant Airbus Group lost 2.1pc following the crash of a military plane, while in Greece Piraeus Bank and Eurobank lost more than 10pc each as a deal on the country's finances remained elusive.

The Stoxx Europe 600 Index rose 0.3pc to 401.34 at the close of trading in London, reversing a decline of as much as 0.2pc and climbing as much as 0.5pc. Its retailers rose 1.5pc as a group, while a gauge of miners rallied 1.6pc.

The drop in Airbus dragged France's CAC 40 Index down 1.2pc, while Greece's ASE Index slid 2.5pc.

In Dublin, specialist drill maker Mincon shares closed up 4.25pc after announcing the appointment of incoming ceo Joe Purcell. Ormonde Mining stock rose rose 5.88pc to 3.6 cents each, ahead of an egm next week where investors will vote on a funding agreement with US private equity giant Oaktree.

On the other side of the board, mobile phone services group Zamano was down 4.35pc to 11 cents, and Kerry fell almost 2pc to 63.65 a share.

Elsewhere, the euro was weaker against sterling - which extended post-UK election gains to nudge close to €1.39.

 

Irish Independent

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