Fears over Greek repayment prompt euro fall
Comments from ECB that it might soon be bond-buying causes market jump
Bank of Ireland finished unchanged at the end of a day in which more than 24 million shares were traded
The euro dropped to two-week lows after a Greek official said the country may miss a debt repayment, but stock markets in the US and Europe held near recent highs as traders awaited signals on Federal Reserve interest rate shifts.
DUBLINBank of IrelandIndependent News & Media.
Ahead of talks today with Minister for Finance Michael Noonan on its mortgage pricing, Bank of Ireland finished unchanged at 36.4 cent at the end of a day in which more than 24 million shares were traded.
Permanent TSB, which also meets the Minister today, saw its stock drop 1.33 per cent to €4.46 but volumes were thinner. Some 1.3 shares changed hands.
INM, which delivered a trading update on Tuesday, saw its stock rise 1 cent or 5.41 per cent to 19.5 cent with a little more than 20 million shares traded on the day.
Ryanair dropped 1.55 per cent to €10.79 but only 1.3 million shares were traded. Aer Lingus, still the subject of a bid from the owner of British Airways, was off 1.16 per cent at €2.379 and more than 6 million shares were traded.
More than one million CRH shares changed hands as it eased 0.54 per cent to €25.91. Smurfit Kappa added 1.75 per cent to €29.01.
Albeit on slim volumes, Abbey dropped 4.41 per cent to €11.59 and Providence slipped 4.44 per cent to finish at 37.86 cent. Paddy Power, down 1.12 per cent, closed at €80.98.
The FTSE 100 Index closed 12.2 points higher at 7007.3 in a session that saw traders react to the release of a batch corporate results, including the first profits rise at Marks & Spencer in four years. Meanwhile Barclays shares rose 3 per cent, or 8.8p, to 271.6p. Part-nationalised Royal Bank of Scotland, which agreed to pay a further $669 million to US authorities, on top of other penalties, was also up. Shares climbed 6.2p to 354.7p.
His comments pushed the euro back below $1.12 for the first time in a week. The FTSEurofirst 300 ended up 1.7 percent. Gains of more than 2 percent on Germany’s DAX and the CAC 40 in Paris outpaced a 0.38 percent rise on London’s FTSE. European bond yields tumbled, with benchmark 10-year German Bunds down 4 basis points at 0.61 percent after going as low as 0.55 percent.
Stock market volumes have been subdued in recent sessions ahead of the details of the April 28th-29th policy meeting and as the quarterly earnings season draws to a close. While the Fed is broadly expected to raise rates this year, the timing of the move has kept the market on tenterhooks.
– Additional reporting: Reuters/Bloomberg/PA