Business World

Tuesday 24 April 2018

ISEQ bucks European downward trend

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE)
FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE)

Reuters

European indices dropped yesterday as the first fall in oil prices in nine days pushed down commodity stocks and traders also cashed in some of gains made by the STOXX 600 on Monday, which had been the biggest in over two months.

US markets were closed for Independence Day, while North Korea's missile launch unnerved some investors.

The Japanese yen and gold were both higher, as were European bonds and Treasuries, which have been clobbered by recent signs that the era of emergency stimulus and ultra-low interest rates might be coming to an end.

Leaders from the Group of 20 nations are due to discuss steps to rein in Pyongyang's weapons programs when they meet in Germany this week.

There were increasing signs that, alongside the geopolitical jitters, higher global borrowing rates and the dollar were starting to pressure emerging markets after their stellar start to the year.

Ireland's ISEQ Overall Index bucked the wider European trend yesterday. It added 0.42pc to end the session at 6,904.59.

Among the gainers was Bank of Ireland, which added 1.4pc to 24 cent. AIB was virtually unchanged at €5.09.

Shares in Ryanair moved 1.3pc higher to €18.34 as it reported passenger numbers for June. It carried 11.8 million passengers last month, a 12pc increase on June 2016. Its load factor last month hit 96pc, compared to 94pc in June last year.

Origin Enterprises lost 4.5pc yesterday to close at €6.35, while home builder Abbey shed 1.4pc to end the day at €13.85.

The UK's FTSE-100 slipped 0.27pc, and Germany's DAX was 0.31pc lower. France's CAC-40 declined 0.4pc.

Shares in payment processing group Worldpay shot up 28pc to £4.08 after it received two takeover approaches.

Irish Independent

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