Monday 25 September 2017

Paddy Power Betfair weighs on ISEQ

A currency exchange trader counts money at his office in Islamabad. Photo: Reuters
A currency exchange trader counts money at his office in Islamabad. Photo: Reuters
Gavin McLoughlin

Gavin McLoughlin

The ISEQ index of Irish shares closed down 0.57pc as trading continued on yesterday's bank holiday.

The index's drop was fuelled by a 5.17pc fall at Paddy Power Betfair as the company confirmed CEO Breon Corcoran's shock departure.

News that the company has already identified a successor in well-regarded Worldpay UK boss Peter Jackson will likely have cushioned the blow experienced by investors. The share closed at €83.45 - a two year low.

Elsewhere in Dublin, Providence Resources lost almost 5pc in closing at 10.4c. The oil and gas explorer is experiencing volatility after striking water, not oil, at one of two prospects it is currently drilling. Results from the other prospect are due in weeks, if not days. On the other side of the board, heavily-weighted Kingspan and Bank of Ireland rose 1.85pc and 1.06pc respectively to help offset the index's losses from Paddy Power Betfair.

European stocks held steady after the biggest rally in three weeks on Friday - fuelled by strong jobs data in the United States. The Stoxx Europe 600 Index slid 0.1pc at the close.

ArcelorMittal led a gauge of mining stocks to the best gains among industry groups as steel and iron-ore prices surged. The measure is overtaking the broader benchmark in 2017 after lagging it in the first half. Media stocks slid 0.6pc while drugmakers fell for the fourth time in five days.

US stocks were up slightly in morning trading as strength in technology shares balanced out weakness in energy.

Oil dropped amid speculation that an abundance of supply will weigh on the market. The dollar continued to climb, while the euro also rose.

Additional reporting by Bloomberg

Irish Independent

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