Global markets fall as Iseq is weighed down by index heavy-hitter

Global markets were down on Tuesday, with the Irish Stock Exchange performing worse than European peers as it was weighed down by losses of one heavy-hitter.

Dublin

The Iseq All Share fell by 0.61 per cent on Tuesday, to close at 8,187.5. Now one of the biggest players on the Irish Stock Exchange, a fall in shares for Paddy Power parent company Flutter Entertainment weighed on the overall ISEQ Index. Flutter Entertainment lost 1.55 per cent, to close at €146.50.

It was a mixed day for the Irish banks as AIB fell by 1.18 per cent to €4.18. Meanwhile, Bank of Ireland rose by 0.02 per cent to €8.67, and Permanent TSB gained 0.58 per cent to close at €1.72.

The country’s two listed house-builders both saw losses on Tuesday. Cairn Homes fell by 1.89 per cent to €1.25, while Glenveagh Properties lost 1.53 per cent to close at €1.03.

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Building materials company Kingspan fell by 0.23 per cent to €68.88, while packaging company Smurfit Kappa lost 0.58 per cent to close at €30.66.

Budget airline Ryanair held steady at €17.26, while food company Kerry Group lost 0.39 per cent, closing at €71.90.

Upward movers on the day included shipping and transport group Irish Continental Group, which gained 1.49 per cent to €4.44, and healthcare group Uniphar which rose by 1.20 per cent to €2.10.

London

In the UK markets were down on Tuesday as the export-heavy FTSE 100 Index lost 0.19 per cent, falling to 7,481.99. Meanwhile the more domestically-focused FTSE Mid-Cap 250 Index fell by 1.35 per cent to 18,347.63.

However, the pound did gain steam as Bank of England governor Andrew Bailey reiterated that the central bank’s stance on interest rates did not need changing.

Among individual stocks Coca-Cola HBG added 4.17 per cent after the bottler launched a share-buyback programme late on Monday.

Workspace Group fell by 7.03 per cent after the London-focused flexible office-space provider posted a half-year loss.

IT services and consulting firm Softcat dropped 4.76 per cent after JP Morgan downgraded the stock.

Cranswick rose by 1.87 per cent after the meat producer forecast annual profit at the upper end of current market estimates.

Europe

European stocks were muted on Tuesday as the pan-European STOXX 600 index fell by 0.09 per cent, while the French CAC 40 fell by 0.24 per cent and the German DAX was down 0.01 per cent.

Among individual stocks Swiss hearing aid-maker Sonova gained 5.39 per cent following first-half results which reported a “substantial acceleration” in sales growth.

Rheinmetall gained 3.69 per cent after the German defence contractor released its 2026 strategy.

Meanwhile, Monte dei Paschi di Siena lost 7.23 per cent after Italy sold a 25 per cent stake in the bailed-out bank.

New York

US stocks also dipped on Tuesday as all three benchmark indexes were tracking lower. The tech-laden Nasdaq was down the most as investors awaited chipmaker Nvidia Corp’s results after the closing bell.

Shares of Nvidia inched lower while other megacap stocks were mixed. Meanwhile a slew of downbeat corporate updates from US retailers painted a dour picture for consumer spending.

Lowe’s Cos fell after the home improvement chain projected a bigger drop in annual comparable sales than previously expected and trimmed its profit forecast for the year.

Best Buy also slipped after the electronics retailer said it expects a steeper drop in annual comparable sales.

Kohl’s Corp also fell, as the department store chain missed third-quarter sales estimates.

Additional reporting from Reuters