Wednesday 17 January 2018

Irish stocks buck Euro trends as continent stocks climb

In Dublin the ISEQ closed down at 0.19pc at 5,710.76
In Dublin the ISEQ closed down at 0.19pc at 5,710.76
Gavin McLoughlin

Gavin McLoughlin

The ISEQ index of Irish shares dipped slightly yesterday, bucking European trends as stocks on the continent climbed after a report showed Germany's economy accelerated.

In Dublin the ISEQ closed down 0.19pc at 5,710.76. Shares in both Aer Lingus and Ryanair were down, even as the Aer Lingus board signalled it would be willing to recommend a €2.55 per share offer to shareholders.

Providence Resources' woes continued, with the oil and gas explorer losing 2.65pc to close at 55c a share.

Shares in Providence dropped from over 70c each to just under 60c on Wednesday.

On the other side of the board, shares in Bank of Ireland and AIB gained 4.95pc and 4pc respectively.

The Stoxx Europe 600 Index added 0.6pc to 377.07 at the close of trading, paring gains of as much as 0.8pc.

It extended a seven-year high as Greek and European Union leaders signalled willingness to compromise, and optimism grew that a ceasefire agreement will help stem conflict in Ukraine.

The measure has gained 1.1pc this week.

Germany's DAX climbed as much as 0.9pc in intraday trading, rising above 11,000 for the first time, before closing 0.4pc up.

The benchmark gauge is up 12pc this year, making Germany among the best performers in 24 developed markets tracked by Bloomberg.

"Markets are being driven by evidence that the European economy is recovering," said Dirk Thiels, head of investment management at KBC Asset Management in Brussels.

"The hard data is finally giving us some relief and investors will be pretty happy that the core of Europe is holding up. The market is back to an optimistic view on Greece."

Greece's ASE Index rallied 5.6pc - the best performance among 18 western European markets. (Additional reporting Bloomberg)

Irish Independent

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