Business Irish

Sunday 27 May 2018

Markets down on growth fears

The euro was up by 0.36pc against the dollar, at $1.1196. Photo: Reuters
The euro was up by 0.36pc against the dollar, at $1.1196. Photo: Reuters

Sean Duffy

Markets in Europe were down yesterday after the International Monetary Fund's managing director, Christine Lagarde, said the Washington-based body believes that a slowdown in trade and weak demand are acting as impediments to global growth.

Ms Lagarde said the IMF will most likely downgrade its predictions in its next economic outlook.

The German DAX fell by 0.5pc, the FTSE MIB lost 0.3pc in Italy, while the FTSE 100 dropped by 0.6pc.

The CAC bucked the downward trend with gains of 0.25pc.

The ISEQ overall index of Irish shares rose by 0.32pc, or 19.57 points, to close at 6189.99.

Software firm Datalex was the day's biggest winner, as the positivity surrounding the company's H1 results continued to attract investors.

The company's share price rose by 6.6pc yesterday in the wake of results earlier in the week which showed a 17pc growth in revenues.

Meanwhile, Permanent Tsb rose by 3.2pc, while fruit giant Fyffes was up 2.9pc. Smurfit Kappa shares had gains of 2.5pc, while INM stocks rose by 1.4pc.

The index was held back by mining stocks throughout yesterday's trading. The price of Applegreen shares dropped by 2.5pc, while food company Arytza lost 2pc.

On currency markets, the euro was up by 0.36pc against the dollar, at $1.1196. The single currency fell against the pound however, trading at 0.8428 pence sterling.

The price of oil continued to fall yesterday, continuing a week of declines sparked by fears of a glut of supplies in the United States. Brent crude has lost 8pc this week.

Irish Independent

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