Mixed day for Irish airlines
IRISH shares fell yesterday, with a mixed picture across the major stocks in Europe.
By the close in Dublin, the ISEQ Overall Index was down 0.8pc, or 38.71 points, to end the trading day at 4,684.64.
European stocks rose, paring this month's loss for the Stoxx Europe 600 Index, as companies from Givaudan to Hennes & Mauritz reported earnings.
It was a mixed day for the airlines on the Dublin market, with Aer Lingus increasing 1.5pc to €1.45, but Ryanair fell 2.2pc to €6.35.
Other leaders on the Dublin market included speciality baker Aryzta, which closed up 1.2pc to €57.
Insulation group Kingspan closed up 0.7pc to €14.40, while drinks giant C&C was up 0.6pc to €4.14.
On the other side of the board, the laggards included insurance group FBD, which was down 1.7pc to €17.75, while shipping and transport group Irish Continental was down 1.9pc to €28.10.
Packaging giant Smurfit Kappa was down 2.2pc to €17.55.
Elsewhere, the Stoxx 600 added 0.3pc at the close of trading in London.
The index yesterday lost as much as 0.7pc before rising as much as 0.6pc.
The index is heading for its biggest decline since June.
European shares have fallen 1.5pc in January as emerging-market currencies slid, fuelling concern the global economic recovery is faltering.
The gauge rallied 17pc last year, the most since 2009.
National benchmark indexes advanced in 12 of the 18 western-European markets yesterday. France's CAC 40 rose 0.6pc and Germany's DAX added 0.4pc. The UK's FTSE 100 fell 0.1pc.
"We've had a phenomenal run in European equities, and a lot of it was based on the expectation that earnings will rise," Mark Andersen, head of asset allocation at UBS in Zurich, said.
"That puts increased pressure on companies to deliver.
"Investors might start wondering if the earnings forecasts are too high for the year." (Additional reporting Bloomberg).