Ryanair softens latest Iseq losses
The ISEQ index of Irish shares outperformed most of its peers to close down less than half a percent yesterday at 5,722.34. That performance was helped by market heavyweight Ryanair which defied the wider European trend to close up 2.86pc at €13.115 a share, and Kingspan, up 4.86pc to €20.195.
Most stocks closed well down however. Declines hit all sectors, with banks, Reits and exploration names all down.
At 24.80 cents a share Bank of Ireland is trading at a level last seen in mid 2014, though losses yesterday were far less than Monday's almost 10pc plunge.
Stock indexes worldwide tumbled for the third straight session yesterday on fears of slowing global growth, with particular concern around the health of the banking sector. Benchmark US Treasury yields hit fresh one-year lows.
The European banking index fell 4.6pc after sinking 5.6pc on Monday on fears of worsening bank profitability and capital strength from sustained low interest rates.
Deutsche Bank shares fell 4.1pc after slumping 9.5pc on Monday on concerns about its ability to maintain bond payments. Shares of US banks also stumbled, with the S&P financial index last down over 1pc.
US shares recovered ground on improvement in technology stocks, but all three major US indexes were flat to lower, with losses being felt in energy and financial stocks. Stocks lost more than 1pc Monday.
Chinese markets are closed this week for the Lunar New Year.
Gold, seen as a safe-haven asset, rose in price and oil prices fell yesterday. Oil was dragged lower by the broad decline across major financial markets and by a growing expectation that global demand will not grow quickly enough to meet supply.
Additional reporting by Reuters