Iseq: 2,971.30 (+1.73) Settlement date: June 6th:THE ISEQ just about managed to stay in the black yesterday as disappointing US economic data sent equity markets reeling.
“It was all about the macro,” said one Dublin broker. Weaker-than-expected employment and manufacturing data out of the US in the afternoon sent equity markets tumbling. “The general feeling is the macro backdrop is just weak,” he said, adding that “double speak” from European politicians in relation to the Greek debt crisis added to the difficult trading environment.
Cement giant CRH enjoyed a decent run, climbing as high as €15.42 at one point, until the effects of the US data set in after lunch. The stock, which is the largest constituent of the Iseq index, finished 25 cent in the red at just under €14.89.
Ryanair defied the negative sentiment weighing on global markets, however, and enjoyed an uplift of more than 3 per cent, or 10.5 cent, to finish at almost €3.56. The airline has been in favour since its results were released last month and its management embarked on an investor roadshow. One trader noted yesterday that investors are attracted by the airline’s free cashflow generation ability.
Industrial holding group DCC and bookmaker Paddy Power both enjoyed slight upticks on the back of investor days held in London yesterday, although volumes were not significant. DCC rose by 5 cent to €21.50, while Paddy Power was 21 cent ahead at €36.01.
Mining company Kenmare Resources, which held its agm yesterday, slipped 7 per cent, or 4 cent, to 53cent.
Paper and packaging group Smurfit Kappa reversed Tuesday’s gains, and finished 22 cent off at just below €8.41.
Overall the Iseq pared its early gains and was just slightly ahead at 2,971.30 by the closing bell.
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