Saturday 25 May 2019

Yew Grove makes history as it trades on stock exchange

The FTSE 100 closed down 0.3pc for its third straight week of losses (PA)
The FTSE 100 closed down 0.3pc for its third straight week of losses (PA)

Donal O'Donovan/Reuters

Yew Grove real estate investment trust (REIT) became the first new share to trade on the Irish stock exchange since it became Euronext Dublin, after listing on the Enterprise Securities Market (ESM).

Yew Grove raised €75m on its initial public offering (IPO). Shares traded up in the market debut, closing at €1.0721 each compared to the €1.03 placing price. The latest Irish REIT had agreed to acquire a seed portfolio of 10 properties, valued at approximately €25.9m. Yew Grove plans to provide shareholders with income from tenanted commercial real estate in "strategic centres" around Ireland, primarily office and industrial assets.

The main Iseq index closed down slightly, at 7,128.77

Elsewhere, the FTSE 100 closed down 0.3pc for its third straight week of losses. Germany's DAX dropped 0.4pc and Italy's FTSE MIB sank 1.9pc.

Britain's leading stock index fell yesterday, tracking a broad sell-off by European shares as investors faced the prospect of tightening financial conditions and growing political risk.

Risk appetite has dried up this week as a new Italian government settled in and the European Central Bank indicated it might end ultra-loose monetary policy earlier than expected. Divisions on trade as the G7 leaders' summit began added to investors' anxieties.

"Events going on that people point to, such as the G7 meeting, are all idiosyncratic things that have their impact, but I think often what you see is a broader story underneath that is affecting everything and is probably exacerbating those situations," said Clark Fenton, chief investment officer at Agilis Investment Management. "I think it comes back to quantitative tightening."

Yesterday, financials were the biggest drag on the FTSE 100, as HSBC, Prudential, Lloyds and Barclays fell 0.3 to 1.2pc.

Satellite firm Inmarsat surged on takeover speculation to end the day 13.5pc higher.

After trading hours, the company confirmed US firm Echostar had made an acquisition proposal, which its board rejected on grounds it "significantly undervalued" Inmarsat.

Irish Independent

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