Sunday 8 December 2019

ISEQ index falls as oil explorers suffer amid continuing price turmoil

Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange. Reuters
Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange. Reuters
Gavin McLoughlin

Gavin McLoughlin

The ISEQ index of Irish shares fell by almost 0.7pc yesterday, as oil explorers were hit amid continuing oil price turmoil.

Crude oil prices have fallen by a third this year and fell under $80 a barrel for the first time in four years on Thursday.

Fastnet Oil & Gas plunged almost 27pc while Petroceltic closed down almost 6pc.

Providence dropped almost 4pc, and Dragon Oil lost 3.27pc.

Aminex bucked the trend by rising almost 9pc after announcing this week that its sale of a stake in a field in Tanzania is nearly complete.

Independent News & Media, which publishes the Irish Independent, rose just over 2pc.

European stocks were little changed, paring a weekly advance, as slides in health-care and commodity-producer shares offset gains in media companies.

The Stoxx Europe 600 Index slipped 0.1pc to 335.63 at the close of trading, paring its weekly gain to 0.1pc. The measure has rebounded 8.3pc from this year's low - on October 16 - as the Bank of Japan unexpectedly boosted its stimulus and most lenders in Europe passed capital-strength tests.

"Today is driven by the indecision of investors to be in or out of the market," said Ion-Marc Valahu from Clairinvest in Geneva.

"We've been up and down this week. Investors are thinking that it is not a good reason to be investing in the market just because November and December are historically among the two best months to invest."

National benchmark indexes rose in 12 of the 18 western European markets.

The UK's FTSE 100 added 0.3pc, France's CAC 40 gained 0.4pc, and Germany's DAX climbed 0.1pc.

US stocks fluctuated, with benchmark indexes near all-time highs, as a better-than-estimated gain in retail sales offset concern that the recent rally in equities may have been overdone. (Additional reporting Bloomberg)

Irish Independent

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