Sunday 18 March 2018

Shares slip in wake of Bank of Ireland sell-off

The Providence rig at Barryroe, off the west Cork coast.
The Providence rig at Barryroe, off the west Cork coast.
Sarah Stack

Sarah Stack

STOCKS in Dublin fell by eight points yesterday as US billionaire Wilbur Ross sold his stake in Bank of Ireland.

The Irish Stock Exchange closed at 5015.14, down just 0.16pc, while shares in the lender dropped by more than 3pc to 27.5 cents each.

Exploration firm Providence Resources decreased the most in Dublin, down 4.55pc to €2.10; while Permanent TSB fell by 2.3pc. The main movers during the day were African-focused exploration company firm Aminex, which plummeted 14pc, followed by Petroneft Resources, down 4.2pc. Merrion Pharmaceutical and property investment firm Green REIT both fell by 2pc.

In Europe stocks rose, extending their highest level in more than six years, amid optimism that measures announced by the European Central Bank (ECB) last week to increase inflation would help propel equities higher.

The Stoxx Europe 600 Index gained 0.3pc to 349.71 at the close of trading, its highest level since January 2008.

"ECB president Mario Draghi's monetary policy indicates that a weaker euro is possible, which will boost exports and improve competitiveness for European companies," Lorne Baring, of B Capital in Geneva, said.

"We would advise investors to remain relatively bullish on European stocks. We're not looking to add exposure, but we're happy to hold."

International digital security company Gemalto rose 2pc after saying China Telecom chose it to supply software for chips that can be used for contact-less payments by mobile phone.

However, UK food wholesale firm Booker slid 2.2pc after Goldman Sachs removed the stock from its conviction-buy list.

UK stocks were little changed, with the FTSE 100 Index slipping 1.45 points, or less than 0.1pc, to 6,873.55 at the close of trading in London.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business