Fall in INM shares accelerates after warning
Shares in Independent News & Media tumbled 18pc on Thursday, adding to Wednesday's sharp drop and taking the stock to nine cent a share by the close.
It followed a stark profit warning issued by the publisher of the Irish Independent on Wednesday. That warning cited the costs of an ongoing governance review, higher libel provisioning and declines in advertising and circulation as challenges on the group's bottom line.
Profits in 2017 are now expected to be in the region of €30m, instead of the anticipated €38m. The business has a cash pile of around €85m. Based on last night's closing price INM's market capitalisation has fallen to around €125m.
Elsewhere, the euro surged to approach a two-year high against the US dollar on Thursday after Europe's central bank chief said officials would discuss possible changes to its bond-buying scheme this autumn, while world equity markets headed for a 10th day of gains.
Though ECB President Mario Draghi set no date for changes to the bond-buying plan and said that officials were unanimous in their decision not to change their guidance on monetary policy, investors suspect the talks would lead to tightening next year.
The euro was up 0.96pc to $1.1624, and poised for its biggest single-day percentage gain in more than three weeks.
"The marketplace is looking for a good potential for (ECB quantitative easing) reduction to start in September or at least to be announced in September," said Richard Scalone of TJM Brokerage in Chicago.
In equities, the pan-European FTSEurofirst 300 index lost 0.31pc, while Wall Street's main stock indexes treaded water around record high levels. Oil prices dipped in US trading.