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ISEQ dips on back of weak US data

IRISH shares dipped yesterday for the fifth day in a row amid disappointing data from the US. By the close in Dublin, the ISEQ Overall Index was down 0.23pc, or 8.64 points, to close the session at 3799.46.

The Dublin market had a mixed day, falling mid afternoon and struggling to recover.

The winners include internet and mobile technology firm Zamano, which went up 5.9pc to close the session at €0.09.

An announcement to the Irish stock exchange earlier in the day stated that the chairman of the board of directors, John Rockett, acquired 300,000 shares in the company.

Food ingredients company Kerry Group increased 0.5pc to €42.86, while insurance company FBD was up 0.4pc to €12.50.

Bank of Ireland and Permanent TSB(PTSB) both rose as the Government launched the new personal insolvency service. Bank of Ireland and PTSB increased 0.6pc each to €0.17 and €0.04 respectively.

It was another bad day for commodities and exploration companies. Mining company Kenmare Resources was down 2.9pc to €0.31, while Petroceltic fell 2.7pc to €0.07 and Providence slipped 2.5pc to €7.06.

Packaging giant Smurfit Kappa slumped 2.2pc to €11.74, while bookmaker Paddy Power was down 1.8pc to €64.42 as it was cut to underperform from neutral by Exane BNP Paribas.

Results

Elsewhere, European stocks closed unchanged from Wednesday's level, as companies from Debenhams to Syngenta and Nokia reported financial results.

The Stoxx Europe 600 Index closed at 283.73, erasing an earlier advance of as much as 0.7pc.

National benchmark indexes fell in 12 of the 18 western European markets. The UK's FTSE 100 Index and France's CAC 40 Index were little changed and Germany's DAX Index slid 0.4pc

Stocks erased gains after US economic data missed estimates. "With the markets having fallen so sharply in the last few weeks, a lot of the concerns about results have already been discounted by investors," said Matthew Beesley, the London- based head of equities at Henderson Global Investors Holdings.

"That leaves scope for some of these companies to move quite significantly on half-decent earnings."

Debenhams rallied the most in more than five months after the UK's second-biggest department-store chain gained market share in the first half.

Syngenta advanced 3pc as the chemical company's Brazilian operations boosted revenue.

Nokia tumbled 8.3pc after the mobile-phone maker posted results that disappointed investors.

Some 29 companies on the S&P 500 including Google and Microsoft were to report results yesterday.

In Europe, seven companies on the Stoxx 600 have posted earnings, according to data compiled by Bloomberg.

Irish Independent