Thursday 8 December 2016

Shares fall again during gloomy session

Published 11/12/2015 | 02:30

The Dow Chemical logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York. Photo: Reuters
The Dow Chemical logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York. Photo: Reuters

IRISH shares fell for their third day in a row yesterday, as uncertainty in the global economy continued to trouble traders across Europe and the US.

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By the close in Dublin the ISEQ Overall Index had fallen 0.2pc, or 14.3 points, to reach 6,699.66.

That was its lowest close since November 24.

Commodity markets took a further hit yesterday as Glencore said it would look to cut its debt by even more than it had previously indicated.

While Glencore shares rose on the news, the Swiss-based miner's move came days after peer Anglo American said it would shrink by two-thirds in response to weaker demand from emerging markets and slumping prices from metals to oil.

Here, Glanbia was the main laggard of major stocks. The firm fell 2.8pc to close at €16.98.

Hotels firm Dalata struggled during yesterday's session, dropping 2.5pc to €5.02. Property firm Green REIT dropped 2.1pc to €1.56. In contrast, IRES REIT added 0.9pc.

The gloomy picture was replicated around Europe. The Stoxx Europe 600 Index of the continent's biggest companies fell 0.3pc while in London the FTSE 100 Index dipped 0.6pc. The CAC 40 in Paris was little changed, as was Frankfurt's DAX Index.

"There's a confluence of events, none of which is horrendous in and of itself, but which together have conspired to push markets lower and drag on investor sentiment," said Daniel Murray, London-based head of research at EFG Asset Management.

"People always get a bit nervous when you get a bit of a pull back. All eyes now are pointing towards the Fed."

Irish Independent

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