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ISEQ bucks trend to close lower

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Billionaire Elon Musk wants to explore the possibility of supersonic air travel in an electric-powered aircraft

Billionaire Elon Musk wants to explore the possibility of supersonic air travel in an electric-powered aircraft

Billionaire Elon Musk wants to explore the possibility of supersonic air travel in an electric-powered aircraft

IN Dublin the ISEQ index of Irish shares bucked the global trend to close lower yesterday. Elsewhere markets in much of the world edged higher following the announcement from the Japanese central bank of a fresh round of stimulus.

The ISEQ closed down eight points, or 0.2pc at 4,959. Oil and gas explorer Providence Resources was a big gainer. Its shares were up almost 12pc at €2.90 each after the Barryroe exploration licence off the Irish coast was extended.

Insurer FBD was another riser, with shares up 2.25pc at €18.20 each. Shares in Ryanair were up 1.49pc at €7.346 each after the company bought back 109,000 shares on the market.

The Green and Hibernia REITs were among the decliners in Dublin. Shares in the Green REIT closed down 4.65pc at €1.23 each, with Hibernia shares down by just under 1pc at €1.09.

GROWTH

The Bank of Japan maintained its easy money or "expansionary monetary" policy yesterday by extending special loan programmes aimed at helping boost the country's economic growth.

It lifted Japanese shares by 3.1pc. Neighbouring China, however, is looking to rein in lending there, dampening stocks elsewhere in Asia.

The US market saw its biggest gain of the year so far, boosted by shares in electric car maker Tesla Motors which hit an all-time high following a report that Apple's mergers and acquisitions chief, Adrian Perica, met Tesla Chief Executive Elon Musk last year, sparking speculation Apple could be interested in buying the electric car maker.

Tesla shares rose 3.3pc to $204.91 after hitting an all-time intraday high of $205.72. Apple shares were up 1.1pc at $549.80.

Europe's top shares inched lower yesterday, weighed down by retailers, as analysts bet the rally that followed the emerging market slump has now run out of steam.

Zara-owner Inditex was down 4.1pc as investors worried that negative currency effects in emerging markets could weigh on its earnings, set for release on March 19. (Additional reporting Reuters)

Irish Independent