Business Irish

Friday 30 September 2016

Markets: Little immediate Brexit impact says UK stats body

Published 22/09/2016 | 02:30

People pass in front of a board displaying the exchange rate for peso and US dollars at a foreign exchange house in Mexico City
People pass in front of a board displaying the exchange rate for peso and US dollars at a foreign exchange house in Mexico City

The Eurozone's two biggest markets were up yesterday, with the Dax gaining 0.4pc in Germany, and the French CAC up 0.6pc.

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In Dublin, the ISEQ overall index of Irish shares was rose slightly to 6083.97 by late afternoon. The index gained 0.12pc, aided by strong performances by IFG and Applegreen, who rose by 4.2 and 4.3pc respectively.

Kerry Group shares lost over 1pc for the second day in a row, down 1.3pc by mid-afternoon yesterday. Travel group Hostelworld also lost over 1pc having made strong gains on Tuesday.

Britain's vote to leave the European Union has had little immediate impact on the UK economy, although the longer-term effects remain to be seen, the chief economist of the Office for National Statistics said yesterday.

"As the available information grows, the referendum result appears, so far, not to have had a major effect on the UK economy. So it hasn't fallen at the first fence but longer-term effects remain to be seen," ONS chief economist Joe Grice said in a report published by the statistics agency.

Meanwhile, Banco Santander has pulled out of talks to buy Royal Bank of Scotland Group's Williams & Glyn unit, a source with direct knowledge of the matter said, because of a disagreement over the price.

Santander had made an offer to buy the unit last month, sources previously told Reuters, as the British lender seeks an end to a costly seven-year process to offload Williams and Glyn.

RBS has sought to offload the small business lender as a key European Union condition of its taxpayer-funded rescue at the peak of the 2007-08 global financial crisis.

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