Tuesday 21 November 2017

Greece continues to spook markets

Traders work on the floor of the New York Stock Exchange. Photo: Reuters
Traders work on the floor of the New York Stock Exchange. Photo: Reuters

John Mulligan/wires

Fears that Greece is spiralling towards certain default hit European stocks yesterday.

Athens needs to repay almost €1bn to the IMF by May 12 and might be too slow in agreeing terms with the European Union that would see it receive the money needed to meet the payment.

The Stoxx Europe 600 Index fell 1.5pc to 391.01 at the close of trading, after earlier rising as much as 1.1pc on better-than-estimated company results.

Shares extended losses after a Greek official said a funding deal won't be possible until international creditors agree on a common set of demands.

Greece's ASE Index slid 3.9pc, the most in seven weeks.

In Ireland, the ISEQ Overall Index ended the session 0.6pc higher, however, at 6,103.47.

It was buoyed by stocks including Ryanair. Shares in the airline were 2pc higher at €11.15 after it reported strong passenger figures for April.

Shares in CRH edged up just slightly ahead of its interim management statement today. Packaging giant Smurfit Kappa was up 1.2pc at €27.39.7

The UK's FTSE 100 Index reversed an earlier advance of as much as 1pc, falling 0.8pc to 6,927.58.

Germany's DAX Index slid 2.5pc to its lowest level in two months, closing at 11,327.68. France's CAC-40 was down 2.2pc at 4,974.07.

HSBC fell 3.2pc after first-quarter revenue missed analysts' estimates and costs increased at a faster pace.

Boliden slipped 4.3pc after the zinc and copper miner posted first-quarter operating profit slightly below analyst estimates. The company operates Tara Mines in Navan, Co Meath.

Irish Independent

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