Business Irish

Sunday 18 February 2018

Some relief after volatile week across globe

Donal O'Donovan

Donal O'Donovan

MARKETS around the world saw some relief yesterday after a ceasefire in Libya, and moves from the G7 group of the biggest economies to stabilise Japan's yen.

In Ireland, the ISEQ index bucked the trend, closing down five points on the day to 2,787.

Irish Life & Permanent ended the week badly battered at 61 cent per share at the close of business yesterday, compared with 78 cent on Monday.

The shares were volatile throughout the week -- bouncing in both directions on a combination of light volumes and general uncertainty around the bank sector.

Shares were up almost 16pc at one stage before falling sharply to end up "just" 3pc on the day and down 16pc on the week.

The same lack of confidence saw Bank of Ireland and AIB both end the week down, with AIB the worst of the big banks with a 10pc weekly decline.

CRH was the biggest Irish gainer on the day, finishing up 3.79pc at €4.598 per share and building on a more than 5pc increase over the previous day.

Aer Lingus was also on the move, up close to 2pc to €0.79 by the end of the day; while in the same sector Ryanair fell to €3.2110 per share, down almost 1pc.

Fyffes was among the most volatile shares, up 9pc at one stage before easing back to end the session up 2.5pc at 41c, with no hard news driving the move.

Across the week, Glanbia was among the big movers. Shares closed up 3.57pc yesterday at €4.35 each, shrugging off recent weakness to finish up 8.75pc on the week. Kingspan also saw decent movement, to end the week up 5.7pc.

In the UK, the FTSE 100 index of leading shares saw decent gains but only after the G7 group of countries moved to stabilise the yen and boost sentiment.

It came after the yen soared to a post-World War Two high against the dollar.

Central banks, including Japan's, pumped money into the global system to calm markets and ended what threatened to be a week-long rout.

The better day's trading was not enough to undo what had been a dire week for global markets. Even after the move, European stocks tumbled by the most in eight months this week.

The UK's FTSE 100 was down 1.9pc, Germany's DAX lost 4.5pc and France's CAC 40 fell 3pc.

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