Business Irish

Saturday 16 December 2017

Irish shares end day little changed

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

Colm Kelpie and agencies

Irish shares were little changed yesterday and the major European stocks slipped, as miners and energy companies retreated.

By the close in Dublin, the ISEQ Overall index was down 0.13pc or 7.56 points to end the trading day at 6,025.59.

The leaders on the Dublin market included insurance group FBD, which was up 2.5pc to €10.25, while insulation group Kingspan rose 2.3pc to €18.47.

On the other side of the board, the laggards included Ryanair, which slipped 1.4pc to €10.94, while dairy company Glanbia dropped 0.7pc to €17.37.

Elsewhere, a gauge of commodity producers posted the biggest decline of the 19 industry groups on the Stoxx Europe 600 Index as Societe Generale said iron ore prices may extend losses.

BHP Billiton slid 2.6pc, while Shell and Total contributed the most to a drop in energy stocks, as oil prices fell.

The Stoxx 600 declined 0.2pc to 397.8 at the close of trading, paring its weekly gain to 0.6pc.

"Everything looks expensive and we're probably due a pullback soon," said Ros Price, the chief investment strategist at Seven Investment Management in London.

"Central banks have made asset prices go up. Let's see what they can really do to the economy. I'd say watch things carefully in April and be prepared. Yes, Europe's recovery is picking up, but it's still very fragile."

Lufthansa slipped 2.6pc after Barclays cut its recommendation on the airline to equal weight, similar to hold, from overweight.

Among stocks moving on corporate news, Marks & Spencer added 4.4pc after saying sales at its general merchandise unit rose for the first time since 2011. Royal KPN climbed 2.8pc after saying it received interest from several parties about the acquisition of its Belgian mobile phone business Base.

Irish Independent

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