Iseq: 2,921.55 (+14.88) Settlement date: June 17thTHE ISEQ trailed major equity indexes yesterday as Greek rescue fears weighed on peripheral European nations.
“Core Europe is perceived as being solid,” one Dublin broker said. “Portugal, Ireland and Greece remain in the doghouse for the time being.”
The main European markets went better all day, boosted by positive Chinese industrial production numbers in the morning, followed by US retail sales data that surprised on the upside.
“There was a general rally across the board. People were willing to take a bit more risk, but unfortunately that didn’t involve Ireland, which got left behind a bit,” the broker said.
Some profit-taking was evident in names that have enjoyed decent runs of late. Insulation group Kingspan tumbled almost 2 per cent, or 14.4 cent, to just under €7.11.
Cider maker CC was also close to 2 per cent down, and finished about 7 cent off at €3.49.
Also in negative territory was Paddy Power, which slipped 21 cent to €34.79.
The beginnings of the “silly season” combined with the first day at the Ascot race meeting – it always proves a draw for City traders – resulted in thin volumes right across the board.
According to brokers, investors are looking for direction but there will be a dearth of earnings news over the summer months.
The stock that everyone is watching is index heavyweight CRH as it is thought likely that the cement giant will update the market in late June or early July.
Yesterday CRH traded further above its key support level of €14.00, closing almost 2 per cent higher, or 27.5 cent, at about €14.54.
Overall the Iseq rose almost 15 points, or about half a per cent, to 2,921.55. Although it closed in positive territory, it underperformed Europe generally.
