Iseq tracks European markets lower


The Dublin market was trading lower this morning tracking weaker Wall Street stock index futures and other European bourses.

At 1.04pm the Iseq index of Irish shares was 1.8 per cent lower at 5,066 a fall of 93 points.

Among the gainers were some of the banks, with Anglo Irish Bank following-up a gain of 15 per cent yesterday by adding 1.9 per cent to €6.86. AIB shares added 1 per cent to €8.74.

However, other banking stocks eased down this morning with Irish Life and Permanent shedding 4 per cent to €5.65 and Bank of Ireland marginally lower at €6.14.

Lower oil prices did were not enough to lift airline stocks this morning as both Aer Lingus; down 1.2 per cent to €1.55 and Ryanair off 3.3 per cent at €3.28,fell, with analysts pointing to the reporting of worse-than-expected full year pretax profit data from easyjet.

After enjoying a strong day’s trading yesterday, construction stocks were generally weaker this afternoon with Kingspan off 5.3 per cent at €7.10 and Grafton 5 per cent lower on €3.75. Building materials giant CRH was 5 per cent lower at €17.12. 

C&C shares were 4.5 per cent lower on €2.85.

European shares extended also losses in early afternoon trading with the FTSEurofirst 300 index1.2 per cent lower at 1,175.01 points.

Daimler was the leading loser, down more than 11 per cent on disappointment with the German car maker's outlook although quarterly earnings were broadly in line with market expectations.

Heavyweight energy shares fell as the price of crude oil held below $125 a barrel.

Shares in Credit Suisse climbed more than 5 per cent after the Swiss bank's quarterly earnings beat market consensus.

Futures on benchmark US equity indexes eased to trade between 0.4 per cent lower and 0.1 per cent higher by 12.13pm.

Additional reporting Reuters