Tuesday 27 September 2016

Germany's Dax index drops as euro rises

Donal O'Donovan / agencies

Published 09/06/2015 | 02:30

The GSF Arctic III rig which was used in drilling by Providence Resources at Barryroe. The company has booked the stocks trend. Photo: PA
The GSF Arctic III rig which was used in drilling by Providence Resources at Barryroe. The company has booked the stocks trend. Photo: PA

European stocks are enduring the longest losing streak of the year, with Germany's benchmark index retreating 11pc from its April peak.

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The Stoxx Europe 600 Index lost 0.9pc to 385.39 at the close of trading in London, ending at its lowest level since February. Germany's DAX Index dropped 1.2pc, even as Deutsche Bank rose 3.6pc after saying John Cryan will replace co-chief executive Anshu Jain.

Food-and-beverage companies were the only ones rising, with Diageo jumping 6.8pc after a report that Brazilian billionaire Jorge Paulo Lemann is considering a takeover bid.

In Dublin the Iseq index closed down a third of one percent at 6081.87.

Oil explorer Providence Resources bucked the trend, with shares up 6.45pc at 33cents each, and Permanent TSB was stronger at €4.36 a share.

In contrast Aryzta continues a recent weak run, down 2pc to €47.915 a share. Smurfit Kappa down 1.92 at €25.60 a share and Kingspan down 1.62pc at €20.065 a share were among the main decliners. Elsewhere BMW and Continental led the DAX decline.

Automakers fell the most among Stoxx 600 industry groups as the euro climbed for the first time in three days.

Portugal's PSI 20 Index and Greece's ASE Index fell 2.7pc, the most among western-European markets. German Chancellor Angela Merkel demanded urgent action from the Greek government to cement its position as a member of the single currency.

The Stoxx 600 slipped 6.9pc from its April record amid an increased focus on Greece. It had its first back-to-back weekly declines since the start of the year.

Commodity producers posted the second-biggest drop among sectors.

Irish Independent

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