Irish and European shares fell from seven-year highs today following a five-week rally.
In Dublin, the ISEQ Overall Index slid 46.07 points, or 0.68pc, to 5,975.1 points. Among the biggest decliners were FBD which closed down 4.1pc and CRH which was down 3.5pc at €24.07. Ryanair continued its recent advance, closing up 2.7pc at €10.48 which hotelier Dalata finished 0.9pc higher at €3.54 ahead of results tomorrow.
The Stoxx Europe 600 Index lost 0.3pc to 393.19 at the close of trading in London after falling as much as 0.9pc. Greece’s ASE Index slid the most among 18 western- European markets as euro-area finance ministers said the nation must move faster to meet its rescue commitments in order to unlock more bailout funds.
“In the very short term it seems European markets are overbought and due for a pause,” said Raimund Saxinger, who helps oversee $22bn as a fund manager at Frankfurt-Trust Investment. “Greece is just a short-term worry. Perhaps markets have became too complacent about Greece, but in the longer term it will not have an influence on stock markets.”