Two real estate investment trusts lead Irish market again
EUROPEAN shares and US stock futures were little changed by mid-afternoon yesterday, although Asian stocks rose.
In Dublin, the ISEQ Overall Index was up 0.18pc, or 8.75 points, to 4847.97 by 2.30pm.
European shares pulled back from near five-and-a-half year highs, giving up early gains on the back of mixed earnings reports.
The leaders on the Dublin market included the two real estate investment trusts, Green REIT and Hibernia REIT.
Green was up 1.5pc by the middle of the afternoon to €1.34, while Hibernia had risen 1.85pc to €1.10.
Ryanair rose 1.4pc to €6.84 as it announced its fares are now available on Google Flight Search. Drinks group C&C increased 1.1pc to €4.38.
On the other side of the board, the laggards included the State's two pillar banks. AIB was down 2.7pc to 15 cents by mid afternoon. Bank of Ireland was also down, falling 2.3pc to 29 cents.
Bookmaker Paddy Power was down 1.6pc to €59.99 while Aer Lingus dropped 1.2pc to €1.43.
Elsewhere, European stocks were little changed as a rally in Dutch electronics company ASML offset a decline in Swiss multinational ABB.
US stock futures were also little changed, while Asian shares rose. The Stoxx Europe 600 Index added less than 0.1pc at 12.35 pm in London.
The benchmark gauge has gained 2.3pc so far this year as mining companies rallied and the World Bank raised its forecast for global growth. The gauge on January 17 rose to a six-year high.
In London the FTSE 100 was down 0.13pc at 2.45pm. France's CAC 40 rose 0.3pc while Germany's DAX increased 0.08pc.
"It's a good stockpicker's market," Herbert Perus, who helps oversee about $36bn as head of equities at Raiffeisen Capital Management in Vienna, said.
"The earnings that are coming in have been quite good overall. If a company disappoints, the stock gets really hit, which is a bit concerning. Investors can profit from really strong stock movements in either direction."
Dutch electronics company ASML jumped 8pc after saying it plans to increase its 2013 dividend.
Finnish manufacturer Rautaruukki soared 31pc after Sweden's SSAB offered to buy the steelmaker business.
Swiss multinational ABB retreated 4.3pc after saying charges from project delays and operational issues will hurt profits.
US stock-index futures were little changed, following Tuesday's gain by equities, as investors assessed earnings from companies including IBM. IBM slid 3.4pc as revenue declined for a seventh consecutive quarter.
BlackBerry rose 2.7pc as the struggling smartphone maker said it plans to sell most of its Canadian real estate to raise cash for its turnaround plan. (Bloomberg)