Monday 11 December 2017

ISEQ drops 0.5pc as European stocks rise amid Greek talks

Greek Prime Minister Alexis Tsipras
Greek Prime Minister Alexis Tsipras
Gavin McLoughlin

Gavin McLoughlin

The ISEQ index of Irish shares lost 0.5pc yesterday, bucking European trends as stocks on the continent extended a seven-year high.

In Dublin, the ISEQ closed at 5,768.40, with oil and gas explorer Providence Resources the biggest loser.

Providence issued a statement yesterday afternoon saying it is currently in discussions about embarking on a funding drive, but no terms have been agreed.

Kerry Group and Glanbia each lost more than 1pc, with full-year results due next week.

On the other side of the board, Petroceltic rose 4.44pc and travel software provider Datalex rose almost 2pc a day after signing a deal with Swiss International Airlines.

The Stoxx Europe 600 Index rose 0.2pc to 382.27 at the close of trading, for a 1.4pc weekly gain.

The gauge is up for a third week, its longest streak since the beginning of December.

The Greek ASE Index lost 0.3pc, erasing an earlier rise, after Maltese Finance Minister Edward Scicluna said Germany and its allies are ready to let Greece leave the euro unless Prime Minister Alexis Tsipras accepts the conditions required to extend his country's financial support.

"Markets expect a solution which keeps Greece in the Eurozone, but for the moment all news will increase volatility due to uncertainty," said Guillermo Hernandez Sampere at Manfred Piontke Portfolio Management in Eppstein, Germany.

"We will have another day with a lot of noise, which always has short-term effects".

Among equities moving on corporate news, Standard Life climbed 2.7pc after better-than-expected full-year profit.

Oil and gas companies BG Group and Tullow Oil rose more than 2pc, while mining company Glencore added 3pc.

A gauge of real estate companies fell the most. (Additional reporting Bloomberg)

Irish Independent

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