Business World

Tuesday 26 September 2017

Shares fall after six days of gains

Shares have dropped after a good week
Shares have dropped after a good week

IRISH shares fell yesterday in line with the major European stocks, which retreated after six consecutive days of gains that sent the Stoxx Europe 600 Index to its highest level in more than five years.

By the close in Dublin, the ISEQ Overall Index was down 0.81pc, or 36.72 points, to end the trading day 4512.18.

The Dublin market will open for just a half day of trading today before closing for the new year holiday. It will reopen again on Thursday.

The leaders on the Dublin market included drinks company C&C, which rose 0.9pc to €4.31.

It announced to the market yesterday that it will issue a third quarter Interim Management Statement on Thursday, January 16. Other leaders included insurance company FBD, which increased 3.4pc to €18.10, and packaging giant Smurfit Kappa, which rose 1.4pc to end the trading day at €17.80.

On the other side of the board, Ryanair fell 1.1pc to €6.23.

The airline announced after the market closed that it bought back 260,840 shares with a nominal value of €0.00635.

The shares were repurchased through Citigroup Global Markets Limited at an average price of €6.24 per Ordinary Share. However, the announcement was made after the market closed.

Other laggards included speciality baker Aryzta, which closed down 2.7pc to €54.70 and Providence Resources, which slipped 1.5pc to €2.65.

Elsewhere, the Stoxx 600 slipped 0.2pc to 327.13 at the close of trading in London.

The equity gauge has gained 0.6pc this month and is heading for its biggest annual rally since 2009.

National benchmark indices fell in 13 of the 18 western-- European markets yesterday.

The UK's FTSE 100 Index lost 0.3pc and Germany's DAX retreated 0.4pc, while France's CAC 40 slipped less than 0.1pc.

"Profits are being taken today after a phenomenal year for investors who believed in the European economic recovery and the policy backstops that were constantly put in place," Daniel Weston, a portfolio manager at Aimed Capital GmbH in Munich, said.

Swatch Group, the world's largest watchmaker, lost 0.8pc after a fire caused damage at one of its workshops.

Irish Independent

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