Business World

Monday 26 September 2016

Aryzta tumbles after missing targets

Published 03/06/2015 | 02:30

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

The benchmark ISEQ Overall Index tumbled 104.31 points, or 1.7pc, to 6,170.29 in Dublin as shares in many leading companies tumbled.

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Aryzta tumbled 9.7pc to €52.60 as the company said third quarter underlying revenue declined 2.3pc, prompting Davy and Goodbody to cut full-year estimates.

Providence fell to a new record low, sliding 9.7pc to 31 cents as the company struggles to find a partner for its exploration programme. Kenmare tumbled another 10.3pc to 5.2 cent as another deadline passed for the company to secure a new financing arrangement.

In the rest of Europe, the mood was equally sombre as investors belatedly realised that the problems in Greece could damage the rest of the continent. European stocks fell for the third time in four days as Greece failed once again to reach an agreement with creditors before it runs out of time and money.

The Stoxx Europe 600 Index fell by 1pc at the close of trading, after losing as much as 1.3pc. In Athens, the ASE Index dropped 2.5pc to the lowest level in almost a month, as Greek markets reopened after a holiday.

Exporters tumbled as the euro strengthened, with carmakers falling 1.4pc as a group. Volkswagen and Daimler fell by more than 1.5pc, pushing Germany's DAX Index down 0.9pc for one of the worst performances among western-European markets. Among stocks active on corporate news, whiskey distiller Pernod Ricard lost 4.9pc after forecasting a slow recovery in pricing and saying gross margins are still under pressure.

Elekta plunged 9.6pc after reporting worse-than- projected annual earnings and saying sales will continue to decline in the first half of the next year.

LVMH Moet Hennessy Louis Vuitton climbed 1.2pc after HSBC recommended buying the shares, forecasting faster sales growth in the luxury-goods industry.olseley gained 2pc as sales advanced.

Irish Independent

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