Business Irish

Sunday 18 February 2018

Irish shares drop as Europe recovers

Irish shares fell yesterday, bucking the trend, as some major European stocks rose
Irish shares fell yesterday, bucking the trend, as some major European stocks rose

Colm Kelpie (Additional reporting Bloomberg)

IRISH shares fell yesterday, bucking the trend, as some of the major European stocks rose.

By the close in Dublin, the ISEQ Overall Index had slipped 0.25pc, or 12.19 points, to end the trading day at 4848.92.

European stocks rose, after two days of declines amid turmoil in Iraq, as investors awaited a Federal Reserve policy decision.

The leaders on the Dublin market included food ingredients company Kerry Group, which was up 2.1pc to €56.73, while drinks giant C&C was down 1.1pc to €4.80.

Fruit company Fyffes closed up 2.2pc to €1.16.

On the other side of the board, packing giant Smurfit Kappa had fallen 1.6pc to €16.72, while insurer FBD was down 1.5pc to €16.64.

Elsewhere, the Stoxx Europe 600 Index added 0.3pc at the close of trading in London.

The benchmark gauge closed at its lowest level since June 5 on Monday in the wake of unrest in Iraq as Sunni insurgents made further territorial gains.

National benchmark indexes advanced in 13 of the 17 Western European markets that were open yesterday.

France's CAC 40 climbed 0.6pc. Germany's DAX increased 0.4pc, while the UK's FTSE 100 gained 0.2pc. Markets in Iceland were closed for a holiday.

"People are looking at the situation there and watching for implications on a global view and comments made by politicians on military intervention," Jamie Cole, a sales trader at CMC Markets in London, said, referring to the situation in Iraq.

In the US, Fed policy makers started a two-day meeting. The central bank was expected to reduce its asset-purchase programme by $10bn (€7.4bn).

On currencies, the dollar rose after a measure of US inflation accelerated in May faster than forecast.

Irish Independent

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