Business Irish

Monday 19 March 2018

ISEQ slips on poor export data

Permanent TSB on St. Stephens Green. Photo: Steve Humphreys
Permanent TSB on St. Stephens Green. Photo: Steve Humphreys
Colm Kelpie

Colm Kelpie

IRISH shares fell fractionally yesterday amid disappointing export data which showed Ireland's trade surplus fell to its lowest level in more than five years.

By the close in Dublin, the ISEQ Overall Index slipped 0.22pc, or 10.77 points, to end the trading day at 4,806.65.

Data released earlier in the day from the Central Statistics Office (CSO) showed the trade surplus slumped to its lowest level in more than five years in November as the impact of the pharmaceutical patent cliff continued to hit exports.

The value of exports fell 5pc compared with October and were down 7pc on the year, according to the official data.

The leaders on the Dublin index included exploration company Petroceltic, which rose 5.1pc to €2.25, while international oil and gas exploration company PetroNeft rose 7.2pc to 6 cent.

Donegal Investments increased 2.6pc to €6. Drinks company C&C jumped 2.8pc to €4.46 after it reported positive sales in Ireland and Scotland and said profits would be at the same level this year as earlier predicted.


The laggards included Permanent TSB, which fell back 10.5pc to 9 cent after a strong start to the week.

Allied Irish Banks and Bank of Ireland also fell, by 4pc and 2pc to 15 cents and 30 cents respectively, amid predictions that ratings giant Moody's may not lift Ireland out of junk status when it gives its latest update today.

Ryanair slipped 1.6pc to €6.52, while insulation group Kingspan dropped 1.2pc to €13.64.

Elsewhere, the Stoxx Europe 600 Index slipped 0.2pc to 333.99 at the close of trading in London.

National benchmarks fell in 13 of the 18 western European markets. The UK's FTSE 100 slipped less than 0.1pc while Germany's DAX fell 0.2pc. France's CAC 40 retreated 0.3pc.

United Utilities Group added 4.6pc after Morgan Stanley recommended the stock. Carrefour slid 3.7pc after France's largest retailer reported fourth-quarter sales. (Additional reporting Bloomberg)

Irish Independent

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