Saturday 20 January 2018

BoI biggest mover as shares hit 27 cent

Traders work on the floor at the New York Stock Exchange
Traders work on the floor at the New York Stock Exchange

THE ISEQ was five points down at close of trading yesterday evening at 4,460.

In Dublin, the big news was Co Clare-based mining equipment company Mincon, whose shares traded on the ESM exchange for the first time.

Mincon's stock opened at 95 cent, rising to 98 cent, up 3 cent before market close.

Property fund Green REIT rose by 5.4pc to €1.18, buoyed by the likely arrival of another listed property fund -- Hibernia -- to the market soon.

Shares in oil explorer Providence fell 2.8pc to €3.40, reflecting a wider volatility in exploration shares, and insurance group FBD Holdings' stock was 1.5pc down, to €16.45.

The highest volume ISEQ mover was Bank of Ireland, which saw brisk trade and a 0.75pc rise to 27 cent amidst reports it will raise equity .

The Irish market share price topper was gaming firm Paddy Power, closing at €55.89 -- a slip of 0.3pc.

On the London Stock Exchange, Dublin headquartered food giant Greencore closed down 1.58pc at €2.14, despite beating analyst forecasts and reporting revenue of €1.4bn and operating profits up over 8pc when it released full-year results yesterday.

PRESSURE

There was a flatness in City trading but London-listed Irish explorer Tullow Oil closed down by 1.75pc at €10.25, having rallied upwards last week on Kenyan oil find news.

Global stock markets were under pressure against the background of Iran's nuclear deal, with doubts about its impact also hitting oil prices which rose, driving down the dollar.

The euro climbed 0.3pc against the US currency, while the dollar fell 0.3pc against the yen as question marks over the Fed's stimulus intentions take their toll. It could take up to nine months for Iran oil to come fully back on stream and Iran doubts along with political tensions in the East China Sea saw crude oil prices creep up above €82.

European shares slipped generally in late month trading.

London's FTSE dropped 58 points to 6,636, while in Paris the CAC was down 24 points to 4,277. In Frankfurt, the DAX was lower by 10 points, to 9,290.

Irish Independent

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