Tuesday 21 November 2017

Oil explorers dominate risers in Dublin but ISEQ down overall

Fastnet Oil is pursuing an off-shore exploration next year
Fastnet Oil is pursuing an off-shore exploration next year
Donal O'Donovan

Donal O'Donovan

OIL explorers dominated the risers in Dublin yesterday, making up the six biggest gainers.

Shares in Africa-focused oil explorer Aminex closed up more than 9pc at 12 cents each. The firm hired Bernard Andre as exploration adviser earlier in the week.

Shares in Providence Resources, which is pursuing drilling opportunities off the Irish coast, were up 6.19pc at €2.23, while Dragon Oil and Kenmare Resources were also among the main movers.

Shares in Petroneft closed up strongly at 67 cents each. The company is heading for a showdown between its board and its biggest shareholder, Maxim Korobov, which could come to a head as early as next week, when details of a farmout agreement are due to be announced.

Among the decliners, Bank of Ireland fell over 1pc to end the week at 28 cents a share – 12pc off the previous week's close.

Overall, the ISEQ index of leading shares closed lower to finish the week below the 5,000 mark at 4939.37.

Global equity markets fell yesterday as fears on Wall Street about over-stretched stock valuations spread to Asia and Europe, pushing investors to the safety of bonds.

The slide in global equities persisted after disappointing quarterly results from US banking giant JPMorgan Chase.

This exerted more pressure on the benchmark Standard & Poor's 500 index, which on Thursday suffered its biggest one-day drop in two months.

Shares of JPMorgan sank 3.1pc to $55.63. The S&P financial index lost 0.6pc and was the worst performing S&P sector.

In Europe, tech shares were among the hardest hit, with ARM , whose chips are used in smartphones such as Apple's iPhones, falling 4.5pc.

ASML, the world's biggest manufacturer of tools for the semiconductor industry, dropped 3.5pc, while telecom gear maker Alcatel-Lucent and chip maker Infineon both fell.

"There's been contagion from the correction in the US which is probably not over, but the fact is, this is mostly a US correction," said David Thebault, head of quantitative sales trading at Global Equities in Paris.

Irish Independent

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