European shares fall as Irish stocks rise
IRISH shares rose yesterday, bucking the European trend as European stocks fell the most in three weeks, with German, Italian and Portuguese gauges leading declines.
By the close in Dublin, the ISEQ Overall Index was up 0.27pc or 17.31 points to end the trading day at 6341.51.
The leaders on the Dublin market included Aer Lingus, which increased 3.8pc to €2.38 amid a report from Bloomberg that British Airways owner International Airlines Group and the Government are moving closer to a deal on guarantees that would pave the way for a sale of the former flag carrier.
Speciality baker Aryzta closed up 4.3pc to €64.20, while food ingredients company Kerry rose 1.7pc to €69.24.
On the other side of the board, the laggards included packaging giant Smurfit Kappa, which slipped 1.8pc to €28.34, while Glanbia fell 1.1pc to €17.80.
Elsewhere, the Stoxx Europe 600 Index slid 0.8pc to 410.93 at the close of trading in London.
Germany's DAX Index, Portugal's PSI 20 Index and Italy's FTSE MIB Index slipped at least 1.8pc.
Chemical companies fell the most of the 19 industry groups on the Stoxx 600.
"It's an unwinding day today, everything that has made investors money recently is in reverse mode," said Daniel Weston, Munich-based chief investment officer at Aimed Capital. "Portfolio managers are looking to lock in profits from the best performing stocks. It's a typical risk-off day."
Diageo fell 3.6pc after saying sales unexpectedly slipped in the third quarter as business deteriorated across Europe, Asia and Latin America.
Unilever advanced 2.6pc after the maker of Magnum ice cream reported first-quarter sales growth that beat estimates.
Renault rose 2.9pc, for the biggest gain among carmakers.