Business Irish

Friday 20 April 2018

Markets softer but PTSB shares end the week above IPO price

Permanent TSB bank on Grafton street, Dublin. Photo: Collins
Permanent TSB bank on Grafton street, Dublin. Photo: Collins
Donal O'Donovan

Donal O'Donovan

Markets were closed across much of Europe yesterday for the traditional long May Day break.

In Dublin trading volumes were low but the Iseq index broke its negative run of recent days to finish up by a third of 1pc at 6,067.08.

Shares in Permanent TSB ended the week at €4.90 each, well above the €4.50 a share level where it priced its IPO on Monday.

The stock hit a midweek high of €5.14 on Tuesday, before falling back throughout the second half of the week.

Movers yesterday included Smurfit Kappa, down 0.9pc at €27.10 a share after announcing Q1 results and the elevation of Tony Smurfit to the chief executive's role next September.

Ryanair led the risers: its shares closed up a little less than half a percent at €10.925 each.

With much of Europe shut, the US set the pace for share action yesterday.

Social media provider LinkedIn tumbled 21pc, after trimming its annual sales forecast. In the same space Twitter shares were badly battered earlier in the week. LinkedIn's drop was the sharpest since it went public almost four years ago.

The professional-networking website delivered quarterly revenue that missed analysts' estimates for the first time, shaking confidence in a historically stable business plan.

The tech company also trimmed its annual revenue forecast.

The Standard & Poor's 500 Index pared a weekly loss, as Gilead Sciences led a rebound after Thursday's sell-off in biotechnology and small-cap shares.

Gilead added 5.4pc after first-quarter profit exceeded projections. Celgene and Biogen rose at least 1.8pc after falling more than 2.5pc on Thursday.

Holidays website Expedia climbed 8pc after quarterly revenue exceeded estimates by market analysts.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business