Malin woes push shares to record low
Shares in State-backed Malin hit a fresh all-time low yesterday as investors shrugged off a boardroom overhaul and strategic review to bail out of the stock.
The life sciences investor was the worst performer on the Irish Stock Exchange yesterday, losing 6.5pc and closing at €5.75. The State invested €50m at €10 a share when the company floated in early 2015, via the Ireland Strategic Investment Fund. It is now sitting on a more than 40pc loss on that initial investment. Yesterday Malin announced former Ardagh boss Ian Curley was becoming chairman.
On the other side of the board, minerals producer Kenmare Resources posted a rise of more than 3.5pc on the back of record shipments in the second quarter. The Iseq index of Irish shares was down 0.4pc in closing at 7028.61.
In the US, Netflix pared its worst drop in two years, regaining a 50-day moving average seen as a key support level for the stock. Shares of the streaming-video provider were down 5.8pc at one stage in New York yesterday, after earlier declining as much as 14pc following a disappointing second-quarter earnings report.
"For those who wanted an entry point, here it is," Bernstein analyst Todd Juenger said in an earlier note to clients. Netflix is still the second-best performer in the S&P 500 Index this year with a 98pc gain.
Options traders were in no rush to hedge against potential losses in Netflix shares going into the earnings release on Monday afternoon. The cost of protecting against a 10pc drop in the stock fell to its lowest level since February, data compiled by Bloomberg showed. The Netflix rebound came amid a broader rally in tech stocks.
Amazon, Facebook and Google parent Alphabet were all trading at record highs yesterday.