European shares slip while Nasdaq rises to record high

Iseq all-share index falls 0.5% on the day

The pan-European Stoxx 600 index ended 0.4 per cent lower on the day. Photograph: Nathan Laine/Bloomberg

The pan-European Stoxx 600 index ended 0.4 per cent lower on the day. Photograph: Nathan Laine/Bloomberg


European shares fell for a fourth straight session yesterday while the Nasdaq rose to a record high.


The Iseq all-share index closed 0.5 per cent lower with a broad range of stocks slipping into the red on the day.

Dalata Hotel Group shares fell 4.2 per cent to €2.63 after the group swung to a €70.9 million loss in the first six months of 2020, while revenue slumped 60 per cent amid lockdown measures to try to slow the spread of the coronavirus pandemic.

Meanwhile, Ryanair dropped 2.57 per cent to €11.77 with one of the group’s senior executives saying it may further cut flights in the Republic if tough travel restrictions remained in place.

Paddy Power owner Flutter Entertainment fell 4.1 per cent to €135.50 in the absence of any stock-specific news.

The banks had a rare positive day with AIB gaining 2 per cent to bring it to €1.05 while Bank of Ireland rose 2.33 per cent to €1.93.

House builders closed in the red after professional services firm Deloitte issued a report saying that the number of housing units in the planning system dropped by 27 per cent in the second quarter as the State went into lockdown to curb the spread of coronavirus. Cairn Homes slipped 2.69 per cent to 76 cent while Glenveagh Properties shed 1.42 per cent of its value to close at 69 cent. Landlord Ires Reit gained 1.56 per cent to close at €1.43.


London’s Ftse 100 fell to its lowest level in more than three months as financials weighed. The blue-chip index slipped 1.7 per cent while the mid-cap Ftse 250 index fell 1.1 per cent.

Mining majors such as BHP Group and Rio Tinto , which supply Chinese factories, rose after data in major economies showed manufacturing demand rebounding from coronavirus-induced lows.

Oxford Biomedica rose 1 per cent after AstraZeneca expanded its agreement with the company to make and supply the drugmaker’s Covid-19 vaccine candidate. AstraZeneca shares fell 1.7 per cent.

British home furnishing retailer Dunelm rose 4.3 per cent after saying its sales had been strong in the last two months.


The pan-European Stoxx 600 index ended 0.4 per cent lower on the day. Apple suppliers across Europe rose after the iPhone maker was reported to have asked suppliers to make at least 75 million 5G phones for later this year, propping up the technology index. STMicroelectronics, Dialog Semiconductor, Infineon Technologies and ASML were up 1-4 per cent.


The S&P 500 and Nasdaq recorded record closing highs with technology leading the charge as Apple and Zoom soared while economic data and moves toward stimulus talks in Washington helped fuel optimism.

Yesterday’s rally added to Wall Street’s fifth straight monthly gain and the S&P 500’s strongest August advance in more than three decades, which was also mostly thanks to technology stocks and central bank support.

Apple rose just under 4 per cent yesterday, a day after its stock split and after a report said the company had asked suppliers to make at least 75 million 5G iPhones for later this year. Zoom surged 40.8 per cent after the video conferencing company raised its annual revenue forecast by more than 30 per cent as it converted more of its huge free user base to paid subscriptions. Along with Amazon, it provided Nasdaq’s biggest boost for the day.

The Dow rose 215.61 points, or 0.76 per cent, to close at 28,645.66, the S&P 500 gained 26.34 points, or 0.75 per cent, to 3,526.65 and the Nasdaq added 164.21 points, or 1.39 per cent, to 11,939.67.. – Additional reporting: Reuters