Tuesday 16 January 2018

Irish shares buck the trend as other major stocks down

Traders work on the floor of the New York Stock Exchange. Reuters
Traders work on the floor of the New York Stock Exchange. Reuters

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."

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