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Irish shares down with big fall for Cpl

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

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

REUTERS

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

Irish shares slipped yesterday with CPL Resources among the biggest losers.

By the close in Dublin, the ISEQ Overall Index was down 0.18pc or 9.86 points to end the trading day at 5,498.23.

CPL closed down 18.59pc to €5.25 after it announced a 13pc fall in pre-tax profit in the six months ending December 31.

The profit dip comes after the company ramped up investment in its operations. It was broadly in line with analysts' forecasts.

Aer Lingus dropped 5.82pc to €2.23 after the head of the Irish Airline Pilots' Association said he would urge his members to reject the takeover offer from IAG.

Insulation group Kingspan closed down 3.3pc to €16.10.

On the other side of the board, the leaders included food ingredients group Kerry, which closed up 1.5pc to €64.79 and packaging giant Smurfit Kappa slipped 0.2pc to €21.84.

Elsewhere, European stocks closed little changed, paring earlier losses, as German inflation data missed forecasts, while US jobless claims fell to a 15-year low.

The Stoxx Europe 600 Index fell 0.1pc at the close of trading, after earlier losing 0.8pc and rising 0.2pc.

The gauge closed within 1pc of a seven-year high yesterday, with Greek equities slumping on concern the new government will backtrack on austerity measures.

Greece's ASE Index rose 3.2pc after a three-day loss as a gauge of lenders rebounded from a record low.

National Bank of Greece, Alpha Bank and Eurobank Ergasias climbed more than 12pc.

Daniele Nouy, the head of the European Central Bank's Supervisory Board, said the nation's lenders can survive the current market turbulence.

"The mood is mixed," said Tobias Britsch, of Meriten Investment Management, in Dusseldorf.

"One the one side you have Draghi and the ECB which support markets with QE, on the other side you have the political uncertainty with Greece."

Irish Independent