Saturday 21 October 2017

ISEQ falls for third day as market storm clouds gather

Thomas Molloy

Thomas Molloy

IRISH stocks fell for a third day in tandem with their European counterparts as investors worried that the economic outlook is darkening rapidly.

The ISEQ closed down 26.18 points, or 0.8pc, at 3,240.98 as heavyweights such as CRH closed down 2.1pc at €13.86.

Food stock also had a bad day with Glanbia, Kerry and Aryzta all ending the session down. Exploration stocks had a good session, with Aminex ending the session up 50pc at six cent following good news about the company's farm-out process in Tanzania.

Petroceltic and Petroneft rose 4.9pc and 8.6pc respectively, while Providence advanced 2.9pc.

In Europe, the Stoxx Europe 600 Index dropped 0.6pc at the close of trading, the lowest level since September 28. National benchmark indexes fell in all 18 western European markets.

Anheuser-Busch InBev slipped 1.2pc after a report that the US may block its $20bn takeover of Mexico's Grupo Modelo. BAE Systems fell after abandoning plans to merge with EAD.

Imagination Technologies lost 9.4pc as analysts recommended selling the shares.

Alcoa, the largest American aluminium-producer, kicked off the US earnings season by cutting its forecast for global consumption of the metal by one percentage point on slowing Chinese demand.

The company reported third-quarter profit and sales that exceeded estimates.

Lloyds, the UK's second-biggest government-aided bank, gained 4pc after US investment firms Lone Star Funds and Kennedy-Wilson Holdings were named as among remaining bidders for parts of about €2bn of mainly Irish property loans.

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