Friday 6 December 2019

Rising Irish stocks buck downward European trend

Small businesses and rural areas will receive less EU funding
Small businesses and rural areas will receive less EU funding

Irish stocks rose slightly in contrast to most European stocks yesterday.

The ISEQ index of Irish shares rose 11.79 points to 4889.09, with shares in CRH and Bank of Ireland among the most traded.

The big winner on the day was oil and gas exploration company Aminex, which saw its share price rise 12pc after a topsy-turvy week.

The jump came on the day the company said the Ruvuma Basin in Tanzania, of which Aminex owns 75pc of the exploration licence, appears to be more resource-rich than expected.

Laggards on the day included AIB, down 3.48pc to 11.1 cents a share, and Irish Continental Group, down 3.39pc to €2.85 a share.

In Europe, most stocks fell as investors weighed mixed earnings from companies including online supermarket Ocado and retailer Next.

Next posted a first-half profit that missed analyst predictions, while Ocado gained after third-quarter sales grew more than analysts had estimated.

The Stoxx Europe 600 Index fell 0.1 pc to 344.27 at the close of trading, paring earlier losses of as much as 0.6pc.

In London, the FTSE 100 was down 30.49 points to 6,799.62 as uncertainty continues to surround the future of Scotland.

RBS and Lloyd's, both of which have said they'll move their bases from Scotland to London in the event of independence, saw their share prices increase by 1.16 and 1.11pc respectively.

Amid escalating geopolitical tension and uncertainty over possible interest rate increases, the Standard & Poor's 500 Index retreated 0.1pc to 1,992.94 at 1 p.m. in New York.

The Dow Jones Industrial Average lost 35.94 points, or 0.2pc, to 17,032.77, while the Nasdaq 100 Index declined 0.5pc.

Irish Independent

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