Business Technology

Monday 22 September 2014

European shares hold value despite poor consumer confidence

Published 31/05/2014 | 02:30

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European shares have held their value.
European shares have held their value.

SHARES across Europe were little changed yesterday as better-than-expected business data offset poor consumer confidence figures.

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By the close in Dublin, the ISEQ Overall Index was down fractionally by 0.26pc or 12.85 points to end the trading week at 4898.77. The leaders on the Dublin market included speciality baker Aryzta, which increased 2.8pc to €68.20, while packaging giant Smufit Kappa was up 2pc to €17.70.

Hibernia Reit closed up 1.9pc to €1.07 a day after it was announced that it bought the site of U2's former studio along with an adjoining office block for nearly €30m. On the other side of the board, Aer Lingus was down 5.3pc to €1.42 as the airline's cabin crew began a 24-hour strike in a dispute over rosters, with pickets placed at Dublin, Cork and Shannon airports and hundreds of flights were cancelled.

Rival airline Ryanair also closed the week down, falling 1.9pc to €7.18 as it emerged it was planning its first bond sale after corporate borrowing costs fell to a record low in Europe and the company was awarded credit ratings making it the world's highest-ranked carrier.

Petroceltic was down 7.1pc in Dublin to €1.83 as it defended plans to raise funds adding that some of its latest drilling work in places like Iraqi, Kurdistan and Egypt has failed to produce significant amounts of oil or gas.Elsewhere, the Stoxx 600 fell 0.1pc at the close of trading.

The benchmark gauge climbed 0.7pc this week, capping its longest streak of weekly gains since 2012. It has risen 1.9pc in May as European Central Bank President Mario Draghi pledged to ease monetary policy in June if necessary.

National benchmark indexes declined in eight of 17 western European markets trading yesterday. France's CAC 40 fell 0.2pc, Germany's DAX added less than 0.1pc, and the UK's FTSE 100 dropped 0.4pc. (Additional reporting Bloomberg)

Irish Independent

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