Markets fragile as traders stay cautious
IRISH shares slumped yesterday, as markets across Europe continued to endure the worst start to a year since 2008.
By the close in Dublin the ISEQ Overall Index had dropped 2.01pc, or 127.17 points, to close at 6,214.79.
The index has now fallen more than 8pc in the month so far.
AIB continued to swing wildly on weak volume. The 99pc State-owned lender tumbled 10.7pc to €4.81 a day after rising almost 12pc.
Smurfit Kappa Group fell 4.3pc to hit €20. The paper and packaging giant is down 15pc since New Year's Day.
Building materials giant CRH slid 3.6pc to close at €23.57 in line with its peers across the world on what was a difficult day for the construction-related sector.
Ryanair gave up 3.5pc to reach €13.37. The airline said on Wednesday that the Paris attacks had hit bookings.
There was good news elsewhere on the market, however. Hotels firm Dalata jumped 3.2pc to €4.95 after it signed terms to buy the lease on four hotels.
Bookmaker Paddy Power rose 2.3pc to €135.80 - another all-time high for the firm. The company is seeing strong buying ahead of its merger with UK rival Betfair which will close next week. The new firm will then join the FTSE 100 Index.
There was red ink across Europe yesterday. The Stoxx Europe 600 Index fell 1.6pc while the FTSE 100 was off 1pc. The Cac40 in Paris lose 1.3pc while Germany's Dax Index dropped 2.4pc.
"Risk appetite is still very fragile," said William Hobbs, head of investment strategy at Barclays wealth-management in London. "Right now, it's a matter of guilty till proven innocent in terms of whether or not the world is on the cusp of the next downturn."