Irish shares buck the trend as other major stocks down
Irish shares were bucking the European trend by mid-afternoon yesterday, as the other major stocks were down as investors awaited the Greek bailout talks.
By mid-afternoon in Dublin, the ISEQ Overall Index was down 0.62pc or 35.08 points to 5,674.77.
The leaders included packaging giant Smurfit Kappa, which was up 2pc to €22.96 after it announced full-year profits were up 29pc. Food ingredients company Kerry Group rose 1.6pc to €63.86.
The laggards included bookmakers Paddy Power, which fell 0.2pc to €68.59, while insulation group Kingspan was down 0.6pc to €15.86. Elsewhere, the Stoxx Europe 600 Index fell 0.3pc to 371.82 at 2.25 pm in London. The yield on three-year Greek notes jumped 115 basis points to 20.66pc, while the ASE Index lost 4.8pc, the most among 18 western-European markets. Benchmark equity indexes in Spain and Portugal slid at least 0.9pc.
"At the moment, it's still about the Greek story," said Benno Galliker, a trader at Luzerner Kantonalbank in Lucerne, Switzerland.
"There will likely be some compromise but investors are waiting until there's a solution."