Business World

Thursday 2 October 2014

Mixed day for ISE with slight rise

Published 19/06/2013 | 05:00

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IRISH shares increased marginally yesterday while the major European stock markets were little changed.

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By the close in Dublin, the ISEQ Overall Index was up 0.3pc or 12.95 points to end the day at 3930.87.

The Dublin market had a mixed day of peaks and troughs.

The leaders included the state's two big banks – Bank of Ireland and AIB.

Bank of Ireland increased 3.3pc to €0.16, while AIB closed up 1.6pc to €0.07, despite the International Monetary Fund stating that more than 25pc of loans in the banking sector were non-performing, with losses persisting.

Packaging giant Smurfit Kappa increased 2.5pc to €12.55, while insurance giant FBD enjoyed a 1.8pc jump to €14.20.

On the other side of the board it was a bad day for exploration companies.

Dragon Oil slipped 2.3pc to close at €6.90, while Providence Resources was down 1.5pc to €6.35.

Aer Lingus was down 1.2pc to €1.60 as it emerged that the former flag carrier spent €40m trying to defend Ryanair's first offer.

Building materials group CRH was also down 1pc to €15.48.

Elsewhere, European stocks were little changed as US housing starts for May missed estimates amid concern the Federal Reserve would signal stimulus cuts at its policy meeting yesterday.

The Stoxx Europe 600 Index lost less than 0.1pc to 293.02 at the close of trading.

National benchmark indexes climbed in 12 of the 18 western European markets.

The UK's FTSE 100 advanced 0.7pc, while Germany's DAX added 0.2pc. France's CAC 40 lost less than 0.1pc.

"I don't think we'll get clear messages because I don't think the Fed themselves really have a clear plan as to when they'll do it," Lucy Macdonald, chief investment officer for equities at Allianz Global Investors commented.

"We've been through a very strong market since the beginning of the year. Volatility has gone up a little and it will probably stay at that level."

Germany's largest cable company Kabel Deutschland Holding rose to a record after getting an offer from Liberty Global.

British multinational Aveva Group jumped 5.4pc as Citigroup upgraded the shares.

Danske Bank dropped 6.1pc after Denmark's financial regulator ordered it to increase its risk-weighted assets.

Netherlands-based technical services provider Royal Imtech fell to the lowest price since 2004 after posting a first-quarter loss on costs relating to a fraud investigation.

Across the Atlantic, US stocks climbed for a second day while the yen weakened.

Irish Independent

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