Thursday 22 February 2018

Europe down for a second day: ISEQ shut

Stock picture
Stock picture

Gavin McLoughlin/Bloomberg

The ISEQ index of Irish shares remained at 6746.72, with yesterday not a trading day and the index having risen more than 29pc this year.

Travel software company Datalex and investment firm Prime Active Capital are the best performers on the index in the year to date, with explorers Kenmare Resources, Providence Resources and Petroceltic the year's worst performers. Trading will resume today.

In Europe stocks dropped for a second day, as low trading persisted in the holiday-shortened week. Trading was closed on the FTSE 100.

The Stoxx Europe 600 Index slipped 0.5pc at the close of trading in London, with energy companies leading losses as oil resumed its retreat, while miners fell after data showed Chinese industrial company profits dropped. With the UK market closed for their Boxing Day holiday, the volume of Stoxx 600 shares changing hands was more than two-thirds below the 30-day average. "Oil and gas companies are under pressure because of the Chinese statistic over the weekend," said John Plassard, a senior equity-sales trader at Mirabaud Securities in Geneva.

"Essential drivers for the European market next year will be expansive monetary policy, the weakness of the euro, a sustainable valuation of European companies, a strong domestic demand and nice profit growth."

European equities advanced for two weeks amid a rebound in energy and commodity producers. Still, the Stoxx 600 is down 5.4pc for the month, heading for its worst December since 2002.

A boost in European Central Bank stimulus that fell short of expectations contributed to the negative sentiment among stock investors.

Irish Independent

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