Sunday 25 September 2016

Tough day for Aryzta fuels ISEQ dip

Published 15/03/2016 | 02:30

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York. Photo: Reuters
Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York. Photo: Reuters

Investors piled out of Swiss-Irish bakery company Aryzta on the back of its first-half results yesterday.

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Shares in the company fell 10.09pc after the company said its like-for-like revenue had grown just 0.2pc. The shares dropped back below €40 to close at €39.56. A year ago they were trading above €60 each.

Paddy Power Betfair was also among the laggards in dropping 2.6pc.

On the other side of the board, Providence Resources rose 8.7pc to close near 21c - the price it began the year at. The Irish index of Irish shares closed down 0.57pc at 6,305.56.

Petrol station company Applegreen rose 2.2pc after reporting a 30pc increase in gross profit for 2015.

The optimism that swept through European equities for four weeks took them higher another day, sending the region's benchmark gauge to a two-month high.

The Stoxx Europe 600 Index rose 0.7pc - and as much as 1.1pc - with commodity producers and automakers posting some of the biggest advances.

Investors are reevaluating European Central Bank stimulus measures while awaiting updates from its peers in Japan and the US. Germany's DAX Index was among the biggest gainers in western Europe, up 1.6pc as all of its companies rose.

"We're almost back to where we started the year and we still see equity prices rallying further," said William Hobbs, head of investment strategy at Barclays' wealth-management unit in London. "After a muted initial reaction to the ECB action, markets finally decided that they liked the move because it signaled that central banks are not out of ammunition, and that further policy action doesn't necessarily have to destroy banks."

Additional reporting by Bloomberg

Irish Independent

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