Monday 23 April 2018

Markets start slowly on bank holiday

Traders work on the floor of the New York Stock Exchange. Photo: Reuters
Traders work on the floor of the New York Stock Exchange. Photo: Reuters
Peter Flanagan

Peter Flanagan

Irish shares fell yesterday, as those dealers who were working on the bank holiday maintained a cautious stance.

By the close in Dublin the ISEQ Overall Index had fallen 0.65pc, or 42.54 points, to close at 6,481.28.

The market trended down throughout the day, and apart from a brief rally in the afternoon, never looked like ending the day in positive territory.

At 44m shares, volume was less than a third of Friday's session but was higher than perhaps might have been expected.

Aryzta continued its struggles of recent months, slipping 2.4pc to €43.50.

Construction materials giant CRH dropped 1.8pc. The biggest firm on the Irish market was hurt by weaker than expected housing data out of its key European market.

Paddy Power dipped 1.1pc to €102.85. Only 10 companies saw their shares rise during yesterday's trading. Providence Resources led the market. The troubled oil and gas explorer jumped 11.5pc to 34c.

Ryanair gained 0.77pc to close at €13.69.

Elsewhere,European stocks slipped from a two-month high as investors assessed the implications of central-bank stimulus. The Stoxx Europe 600 Index lost 0.4pc. The FTSE 100 dropped 0.4pc while in Paris the CAC 40 fell 0.5pc. The Dax Index in Frankfurt was little changed.

"Central banks will be in focus again with the Fed meeting this week. I don't expect any significant positioning before then," said Alessandro Bee, a strategist at Bank J Safra Sarasin in Zurich.

Both the Federal Reserve and the Bank of Japan will give policy updates this week, with the US central bank announcing its rate decision tomorrow.

Irish Independent

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