Monday 20 November 2017

ISEQ fall bucks European trend

Donal O'Donovan

Donal O'Donovan

Irish shares bucked the European trend yesterday with the ISEQ index of leading shares closing down while stocks across much of the continent rose.

In Dublin, the ISEQ ended the session marginally lower at 4,457.11, led by drops for the likes of market heavyweight CRH, down 1.73pc at €18.72 a share, and Kingspan, where after recent moves higher shares closed down 3.08pc to €13.23.

The picture was mixed, however. Shares in INM closed 33pc higher to 13 cent each after the company, which owns this newspaper, confirmed the details of how it will raise €40m by selling new shares before Christmas to new and existing investors.

It was the stand-out performer of the day.

Other movers in Dublin included Bank of Ireland, where shares continued their strong run to close at 27 cent each.

Elsewhere, Germany's DAX hit at an all-time closing level of 9,225.43 points, lifted by gains among German utilities.

That in turn helped push the pan-European FTSEurofirst 300 index of leading shares up 0.4pc to 1,304.25 points – the highest closing price in five years.

It was a similar story across the Atlantic. Benchmark US indices hit record highs yesterday, though they gave up some of those early gains later in the session. Even so the Dow Jones Index of industrial shares and the S&P 500 passed the 16,000 and 1,800 milestones, respectively.

Germany's Bundesbank kept alive expectations that a stronger recovery will take shape in 2014, while data from the European Union suggests that the eurozone's trade surplus grew more than expected in September.

Investors were also buoyed by news from China, where the latest economic reform plans are aimed at maintaining stable growth – and seen as a boost to the likes of car makers selling into the growing economy. Chinese shares listed in Hong Kong posted their biggest gain in nearly two years after it announced its most sweeping economic and social reforms in nearly three decades.

The China Enterprises Index of the top Chinese listings in Hong Kong soared 5.7pc.

Irish Independent

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