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Irish, Euro stocks end winning streaks

IRISH and European stocks retreated, halting long winning streaks.

In Dublin, the ISEQ closed down marginally, ending the session down 6.73 points, or 0.1pc, at 4,912.43 points as exploration companies such as Ormonde Mining and Dragon Oil took a hit. Ormonde plunged 18pc to 6.5 cents as Edison Investment Research said it is terminating coverage of the Spain-focussed company. Hibernian REIT closed down 2.8pc at €1.08 on fears that the amount of cheap investment property in Dublin is drying up. Among the winners were Bank of Ireland, which jumped 4.9pc to 32.4 cent, and Irish Continental, which ended the session 2.4pc higher at €29.19.

Elsewhere in Europe, the picture was also mixed although most indices declined.

The Stoxx Europe 600 Index dropped 0.2pc to 331.48 at the close of trading in London after earlier losing as much as 1pc. National benchmark indexes dropped in 11 of the 18 western-European markets. European shares pared morning losses after a report showed US consumer confidence improved for the first time in five weeks.

In London, Britain's FTSE 100 lost 0.2pc as Rolls-Royce shares slumped the most since August 2000 after predicting sales will fail to grow this year for the first time in a decade. Lloyds declined 2.7pc after Britain's biggest mortgage lender reported its net loss narrowed to £838m for 2013.

Tate & Lyle plunged 16pc after the maker of golden syrup predicted fiscal year 2015 sucralose prices to be about 15pc lower than in the current year.

In Paris, BNP Paribas slipped 2.6pc after France's largest bank unexpectedly reported a drop in fourth-quarter profit. Nestle lost 1.5pc after forecasting growth near the low end of its target in 2014 and Renault jumped 5.6pc after posting profit that beat projections.

In Frankfurt, Commerzbank rose 1.5pc after Germany's second-largest bank said net income amounted to $64m in the fourth quarter, beating the average analyst projection that called for a €23.3 profit.

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