Thursday 27 October 2016

Markets across Europe end April down

Published 01/05/2015 | 02:30

Shares in Ulster Bank parent Royal Bank of Scotland fell 3.2pc
Shares in Ulster Bank parent Royal Bank of Scotland fell 3.2pc

Trading was relatively muted in Dublin yesterday, with few big swings in individual names but the ISEQ index finishing the session down just over a half a percent at 6,047.

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Yesterday marked a third day of overall price declines for equities around Europe, and the markets recorded the first monthly drop of the year.

The Stoxx Europe 600 Index slid 0.4pc to 395.79 at the close of trading, after earlier losing as much as 1pc.

Shares briefly rose 0.2pc after data showed US jobless claims fell to a 15-year low but the trend was weaker and European stocks are now 4.4pc below the record hit on April 15.

Shares in Ulster Bank parent Royal Bank of Scotland fell 3.2pc after it posted a larger quarterly loss than analysts predicted as it set aside more money for restructuring and currency-manipulation probes.

Shares in troubled Finnish telecoms giant Nokia Oyj dropped 11pc, the most since September 2012, after first-quarter profitability at its networks unit missed analyst estimates.

In Ireland, Smurfit Kappa stock beat the trend ahead of its annual general meeting today, shares closed up 2.6pc at €27.355.

Aer Lingus shareholders will have a chance to quiz directors today about the long running takeover offer from IAG.

Shares in the Irish airline closed down slightly at €2.31 each, below the offer level.

Globally, fears that a Greek default could finally be at hand and investors' apparently growing concerns about the impact of ECB money policy are taking he heat out of bond and share markets.

"It looks like we could be finally entering the correction that everyone has been waiting for," said Tobias Britsch, of Meriten Investment Management.

Irish Independent

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