Business Irish

Monday 18 December 2017

Irish stocks slip slightly in week but European shares on rise

Traders work on the floor of the New York Stock Exchange (Photo by Spencer Platt/Getty Images)
Traders work on the floor of the New York Stock Exchange (Photo by Spencer Platt/Getty Images)

IRISH shares were little changed yesterday, with the major European stocks rising as the trading week drew to a close.

By the end of business in Dublin yesterday, the ISEQ Overall Index had slipped by just 0.14pc, or 6.6 points, to finish at 4836.38.

The euro dropped to a three-month low as a gauge of German business confidence fell, adding to signs that may prompt the European Central Bank to boost stimulus as soon as next month.

The single currency was set for its third weekly decline versus the greenback amid concern eurosceptic parties will gain ground in elections for the European Parliament.

The Canadian dollar rallied as inflation accelerated in April. Indonesia's rupiah had the biggest weekly loss this year as the election race tightened.

The leaders in the Dublin market included Aer Lingus, which rose 1.8pc to €1.50, while fruit company Fyffes closed up 5.1pc to €1.14.

Dairy group Glanbia increased 0.6pc to €11.02, while Dublin-based financial services group IFG rose 2.5pc to €1.64.

On the other side of the board, speciality baker Aryzta was down 3.4pc to €65.49, while bookmakers Paddy Power was down 0.7pc to €51.97. Drinks group C&C fell 1.3pc to €4.34.

Elsewhere, Europe's benchmark index capped its longest streak of weekly gains since November, as data showed a drop in German business confidence and a rebound in US housing activity.

National benchmark indices advanced in 13 of the 18 western-European markets yesterday. France's CAC 40 added 0.3pc and Germany's DAX rose 0.5pc to a record. The UK's FTSE 100 slipped less than 0.1pc.

Corinne Gretler

and Colm Kelpie

Irish Independent

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