Business Irish

Sunday 21 September 2014

Markets - Fall of Irish shares buck European trend

Published 20/08/2014 | 02:30

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Irish shares fell yesterday while the major European stocks increased
Irish shares fell yesterday while the major European stocks increased

IRISH shares fell yesterday while the major European stocks increased.

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By the close in Dublin, the Iseq Overall Index was up 0.36pc or 17 points to end the trading day at 4695.22

The leaders on the Dublin market included insulation group Kingspan, which was up 1.6pc to €13.20, while Ryanair rose 1.4pc to €6.85.

On the other side of the board, the laggards included building materials group CRH, which was down 1.8pc despite reporting a return to profit and a 27pc increase in earnings in the first six months of the year.

Aer Lingus slipped 1.4pc to €1.35.

Elsewhere, European stocks advanced for a second day as Moeller-Maersk and Imperial Tobacco Group climbed after posting earnings.

The Stoxx Europe 600 Index gained 0.6pc to 335.49 at the close of trading, extending the rebound from its August 8 low to 3.3pc.

The equity benchmark rallied 1.2pc yesterday as talks between Ukraine and Russia eased concern about the conflict between the two countries.

National benchmark indexes climbed in every western-European market except Ireland and Iceland. The UK's Ftse 100 and France's Cac 40 rose 0.6pc, while Germany's Dax rallied 1pc.

"Results have been mostly good until now in Europe, although not spectacular," said Pierre Mouton, of Notz, Stucki & Cie in Geneva.

"For the first time in two years, we have seen an uptick in earnings estimates for Europe. It's very important, especially in the context of relatively weak economic figures for the euro zone."

Maersk jumped 4.9pc after the world's biggest container-shipping line raised its full-year profit forecast.

Imperial Tobacco added 2.3pc after reporting a smaller sales decline than analysts had predicted. Balfour Beatty gained 3.2pc as Carillion increased its offer for the builder.

Irish Independent

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