independent

Monday 21 April 2014

Irish shares fall for fifth day in row

IRISH shares fell for a fifth straight day as traders close their books and some continue to fret about the so-called fiscal cliff.

On Wall Street, Apple fell below $500 (€379.68) for the first time since February.

The ISEQ Overall Index closed down 14.72 points, or 0.4pc, at 3,312.97 in Dublin last night.

Fyffes posted one of the biggest gains, jumping 6.4pc to 58 cent, while sister company Total Produce advanced 1.9pc to 55 cent. The fruit importers gained as Total Produce said it had signed a deal which would allow it to take a significant stake in a Canadian rival in stages over the next few years.

The best performer was Ovoca Gold, which soared 27pc amid optimism that there is gold in Wicklow as well as Wexford where another company found gold last week.

Ormonde Mining also rose on the back of gold hopes, advancing 6.3pc to 8.3 cent after saying it had found gold in Spain.

Among the biggest falls was Ryanair's 1.1pc decline to €4.77 amid concerns about the airline's takeover bid for Aer Lingus.

European stocks were little changed as concern US lawmakers won't agree on a budget before the holiday offset the election in Japan of a party that backs more economic stimulus.

Scrapped

The Stoxx 500 retreated 0.1pc to 279.18 at the close of trading. National benchmark indices rose in 10 of the 18 western European markets.

France's CAC slipped 0.1pc, and the UK's FTSE 100 lost 0.2pc, while Germany's DAX advanced 0.1pc.

Royal KPN slumped 15pc as the Dutch phone company partly owned by Carlos Slim's America Movil scrapped its dividend. Aggreko, the world's largest provider of mobile power supplies, slumped the most in more than 10 years after saying earnings would be "slightly lower" next year. PSA Peugeot Citroen gained 6.4pc as Europe's second-biggest carmaker said it was close to finalising a deal with lenders to refinance debt at its banking unit.

"The market appears to be driven today by single names like KPN in the Netherlands and Aggreko in the UK," said Soeren Steinert at Quoniam Asset Management in Frankfurt.

Vodafone, the most widely owned share in Ireland, slipped 1.7pc after paying €1.4bn for a 4G licence in the Netherlands.

Zurich-based bank UBS earlier dropped as much as 1.5pc. The bank is set to pay as much as $1.6bn to settle claims of Libor manipulation.

Across the Atlantic, Apple shares dropped below $500 for the first time since February after Citigroup reduced its rating for the stock on concern that demand for the iPhone 5 is slowing.

Irish Independent

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