Origin and Glanbia lead market lower
IRISH shares fell yesterday, as a weak trading update from Origin Enterprises and ongoing concerns about Glanbia hit trading.
By the close in Dublin the ISEQ Overall Index had fallen 0.6pc, or 36.59 points, to end the day at 6,238.08. That meant the index snapped a three-day winning streak.
The big loser on the session was Origin Enterprises. The agri-services business had a weak first half to its year and had hoped to make it back during its third quarter.
However yesterday the company said poor weather had continued to hurt investment by farmers in Origin's products. That news sent Origin plunging 12.5pc to €5.87 - its lowest level since August 2013.
While Origin suffered the worst on the day, Glanbia did little better. The dairy firm recorded weaker revenue year-on-year during the first half of its fiscal 2016 on Wednesday, and after a substantial fall two days ago, the share price dropped 7.5pc to 16.
More than twice as many shares fell as rose during the session. Hostelworld slid 3.27pc to €3.43, while AIB lost 1.8pc.
Kerry Group dipped 1.5pc to close at €77.50.
On the other side of the board, Bank of Ireland added 0.75pc to close at 27c after a solid first half of the year.
Elsewhere, European markets were broadly flat. The Stoxx Europe 600 Index rose 0.2pc. The FTSE 100 Index in London was flat, as was the CAC 40 in Paris. The Dax Index in Frankfurt gained 0.2pc.
"Earnings in a nutshell look OK, but as earnings estimates further down the road are still too high, there will be a negative trend in earnings revisions," said Ralf Zimmermann, a strategist at Bankhaus Lampe in Dusseldorf, Germany.