It was a weak day on the Irish stock market on Monday, as the ISEQ Index underperformed compared with EU peers. The Irish index was dragged down by declines in Paddy Power parent company Flutter Entertainment, as UK peer Entain slumped on weak online gaming revenues.
There were few gains on the Irish Stock Exchange by closing time on Monday, as the ISEQ All Share closed at 8,368.46, down 1.57 per cent.
The overall index was dragged down by a 3.22 per cent decline by Flutter Entertainment, which closed at €156.10. Shares in the betting company dropped as UK peer Entain plunged after it said it expects revenues for online gaming to decline this year.
Among the other biggest losses were mining company Kenmare Resources, which fell 4.07 per cent to €4.72, and energy storage company Corre Energy lost 2.38 per cent, closing at €3.28.
Packaging company Smurfit Kappa saw gains of 0.7 per cent, reaching €31.65, counter to index moves and ahead of peers. A Dublin trader said Smurfit’s gain is likely stock specific, as the company’s proposed merger with US-based WestRock is still being widely debated among investors.
The banks saw mixed movement on Monday, with AIB falling 0.67 per cent to €4.13 and Bank of Ireland down 0.36 per cent to €8.904, while Permanent TSB gained 2.88 per cent to €2.14.
UK stocks saw losses on Monday, as the exporter focused FTSE 100 Index fell 0.78 per cent to 7,623.99, while the more domestically focused FTSE Mid-Cap 250 was down 1.03 per cent, closing at 18,415.31.
Ladbrokes owner Entain tumbled to a more than 2½-year low after warning of a decline in online gaming sales. Shares plummeted 13.07 per cent after Entain said it expects online net gaming revenue for the third quarter and full year to decline amid ongoing regulatory issues in Britain and slower growth in Australia and Italy.
Meanwhile, biopharmaceutical company AstraZeneca rose 1.34 per cent, to a more than one-month high, after Jefferies Group upgraded the stock, citing “blockbuster” drug opportunities for the company.
Among other movers, Aviva lost 1.03 per cent after the life insurer said it agreed to acquire the UK protection business of AIG for £460 million (€530.39 million).
The pan-European STOXX 600 index fell 0.62 per cent by Monday evening, dragged down by mining shares as China’s property problems weighed on the outlook for natural resources.
Having departed the Irish stock market last week and opened trading on the New York Stock Exchange on Monday, building materials group CRH was the biggest gainer on the Stoxx 600, as its London listing rose by 5.11 per cent.
Germany’s DAX fell 0.98 per cent to 15,405.49, while France’s CAC also declined, losing 0.85 per cent and closing at 7,123.88.
Major US stock indexes were lacklustre on Monday amid worries over prolonged higher interest rates, while investors awaited economic data and Federal Reserve policymakers’ remarks throughout the week.
The S&P 500 and Nasdaq were slightly up by Monday evening, having recovered from losses earlier in the day, while the Dow Jones Industrial Average was marginally down.
Consumer staples and utilities were the worst hit among the major S&P 500 sector indexes, while energy was the top gainer.
Media firms Netflix and Walt Disney saw gains, after Hollywood’s writers union reached a preliminary labour agreement with major studios on Sunday, a deal expected to end one of two strikes that have halted most film and television production.
Footwear maker Nike and sportswear retailer Foot Locker both saw losses, after Jefferies Group downgraded both the stocks to “hold” from “buy”.
HP Inc dipped after Warren Buffett’s Berkshire Hathaway sold nearly 4.8 million shares of the PC maker.
– Additional reporting from Bloomberg and Reuters