Business Irish

Friday 18 August 2017

Permanent TSB slumps below €2

Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt. Photo: Reuters
Traders work at their desks in front of the German share price index, DAX board, at the stock exchange in Frankfurt. Photo: Reuters

Permanent TSB continued its decline yesterday after Wednesday's big sell-off. Its shares sank 3.9pc yesterday to €1.96 - and are worth less than half of what they were at the start of the year.

Meanwhile, European stocks fell yesterday after a choppy session, weighed down by disappointing earnings updates, while Bayer and BASF dropped on reports they could be interested in buying Monsanto.

The FTSEurofirst 300 index dropped 0.55pc, having risen by as much as 0.9pc earlier in the session on the back of gains in crude oil prices, which later turned lower.

Oil prices fell back after touching six-month highs, as selling prevailed on signs of another storage build at the hub for US crude futures. In the US, shares in Apple fell to a two-year low. Bayer fell 4.8pc after Bloomberg reported the German group was exploring a bid for Monsanto.

BASF fell 2.1pc after financial news website Street Insider reported it was also looking at a Monsanto acquisition.

The Dutch insurer Aegon slumped 11.4pc after reporting a smaller than expected first-quarter underlying pre-tax profit. Credit Agricole fell 4.9pc after the French bank reported a 71pc fall in quarterly net income.

KBC rose 4.6pc after the Belgian financial group posted a better net profit than expected as increasing customer deposits, loans and higher insurance income made up for some of the group's increased tax bill.

In Ireland, the ISEQ Overall Index slipped 0.32pc to 6,141.90. Shares in Bank of Ireland fell 2pc to 24 cent. Packaging giant Smurfit Kappa gained 1.4pc to €23.93, while Ryanair fell 2.2pc to €12.91.

The UK's FTSE-100 fell 1pc, while Germany's DAX was 1.1pc lower. France's CAC-40 fell 0.54pc.

Irish Independent

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