European bourses end day in the black
Published 22/09/2015 | 02:30
European stock markets staged somewhat of a recovery yesterday despite a tough earlier Asian session.
The pan-European FTSEurofirst 300 posted a more than 1pc gain.
A big focus for investors was Volkswagen. Its shares plunged 19pc after it was found to have rigged emissions tests in the United States. That also dragged other carmakers, such as Daimler, lower.
"Generally, markets are a bit more positive," said Michael Hewson at CMC Markets in London. "The economic environment has changed since the Fed last hiked rates (in 2006). It is not just the US central bank... It is wearing the mantle of the global central bank, and markets are struggling with that."
In Ireland, the ISEQ Overall Index closed barely unchanged from last week, edging just 0.4pc higher to 6,493.
Activity was reasonably subdued. But insurance firm FBD shed 5pc to €6.70 after bouncing back last week amid news that it's securing €70m in backing via a bond issued to Canadian financial giant Fairfax.
Irish Life & Permanent declined 1.5pc to €5.04, while Bank of Ireland shares nudged up 0.6pc to 34.5 cent.
Shares in Paddy Power - in the throes of merging with Betfair - rose 2.3pc, or €2.50, to €105.20. That's another record for the company and values it at €4.6bn.
The FTSE-100 yielded earlier gains in yesterday's session, closing flat at 6,108.71. Germany's DAX was just 0.3pc higher, while France's CAC-40 rose 1.1pc.
Shares in insurer RSA nosedived over 20pc after Zurich said it's dropping a bid for the company due to a general deterioration in markets.
Mining firms including Glencore and Anglo American also fell during yesterday's trading.