Business World

Monday 23 October 2017

Irish and European stocks fairly flat as Greece talks continue

Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange. Reuters
Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange. Reuters

The ISEQ index of Irish shares dipped by almost half of one percent yesterday, while in Europe stocks were little changed as negotiations on Greece's future continued.

In Dublin Petroceltic was the big gainer as corporate governance advisory firms advised shareholders not to remove chief executive Brian O'Cathain in the upcoming extraordinary general meeting.

Aer Lingus shares rose almost 1pc as Stobart Air's chief executive backed the IAG bid and Aer Lingus chairman Colm Barrington reiterated his support for the takeover.

On the other side of the board, financial services company IFG Group dropped 2.47pc and Kenmare Resources lost almost 1pc on the day it said job losses were likely at a mine in Mozambique.

The ISEQ closed at 5,669.04.

European stocks were flat as a rise in makers of food and drinks offset a drop in Greek equities.

The Stoxx Europe 600 Index added 0.1pc to 377.02 at the close of trading, after declining as much as 0.7pc.

Guinness maker Diageo and Anheuser-Busch rose more than 1.5pc, pushing a gauge of food and beverage shares higher.

The UK's FTSE 100 Index climbed 0.6pc to the highest level since December 1999, buoyed by an increase in Diageo and gains of more than 1.9pc in cigarette makers British American Tobacco and Imperial Tobacco Group

Greece's ASE Index dropped 2.5pc, paring losses of as much as 4.7pc. The ASE declined the most among 18 western-European markets.

Germany's DAX Index retreated 0.3pc as a report showed investor confidence in the Eurozone's biggest economy rose less than forecast.

Crude oil fell for the first time in three days in New York amid ample US supplies as the country's output advanced to the highest level in more than three decades.

(Additional reporting Bloomberg)

Irish Independent

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