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Irish shares buck European trend

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The Irish Stock Exchange logo is displayed at the entrance to the headquarters in Dublin

The Irish Stock Exchange logo is displayed at the entrance to the headquarters in Dublin

Bloomberg

The Irish Stock Exchange logo is displayed at the entrance to the headquarters in Dublin

Irish shares fell yesterday, bucking the European trend as the major stocks increased.

By the close in Dublin, the ISEQ Overall Index fell by 1.57pc or 97.69 points to end the trading day at 6,114.42.

The laggards on the Dublin market included speciality baker Aryzta, the company behind Cuisine de France, which plunged 11.6pc to €64.53 as sales in North America were behind forecasts.

In the six months to the end of January, the company, formed from a merger of Irish company IAWS and Swiss firm Hiestand, saw group revenue grow by 13.6pc to €2.39bn.

Building materials firm CRH closed down 4.2pc to €24.40 as the company announced it will hold an emergency general meeting on Thursday to sign off on the proposed purchase of the €6.5bn worth of assets as a result of the possible merger of Holcim and Lafarge.

Elsewhere, Lafarge slipped 6.3pc and Holcim dropped 1.3pc.

The French cement maker said it's willing to consider revising the share-exchange ratio in its planned merger with the Swiss company.

On the other side of the board, the leaders included insurance giant FBD increased 3.6pc to €10.55, while insulation group Kingspan jumped 2pc to €18.15.

Elsewhere, European stocks extended their gains, with German equities reaching a fresh record.

The Stoxx Europe 600 Index advanced 0.9pc at the close of trading in London, with car manufacturers leading the gain.

Germany's DAX Index rallied 2.2pc, surpassing 12,000 for the first time.

The Swiss Market Index rose 0.9pc, regaining the losses since the country's central bank removed its cap against the euro.

The European Central Bank starting its quantitative-easing programme helped push the Stoxx 600 up for a sixth straight week.

"It's a very favourable environment," said equity strategist Hendrik Koenig.

Irish Independent