Banking stocks out of favour as Iseq All Share index declines
Bootmaker Dr Martens slumped 29.4% to a record low after it named a new chief and flagged a challenging fiscal 2025 on weak US demand. Photograph: iStock/Getty
The pan-European STOXX 600 closed 1.6% down, touching its lowest level since March 7, in a broader market decline. Higher euro zone bond yields also pressured equities.Banking stocks were out of favour, with Bank of Ireland sliding 2.5 per cent to €9.45, while AIB declined by 0.6 per cent to €4.88 and PTSB lost 0.7 per cent to €1.54.
Dalata Hotel Group declined by 1.3 per cent to €4.15, failing to glean any fresh interest after Italian hedge fund Helikon Investments disclosed that it had increased its stake to 5.4 per cent from 4.1 per cent, previously.The FTSE 100 bumbled 1.8 per cent, with its broadest selloff in years, on growing geopolitical tensions in the Middle East and reduced expectations of US interest rate cuts, while a slide in Dr Martens exacerbated losses.
Recruiters Hays and Robert Walters dropped 4.3 per cent and 4.9 per cent, respectively, following a drop in their quarterly net fees, weighed down by low client and candidate confidence in major markets amid sluggish hiring conditions.Banks lost 2.6 per cent, their biggest one-day drop since August, dragged by 3 per cent declines in Britain’s HSBC and euro zone’s largest bank BNP Paribas.
Fresenius gained 4.6 per cent after the German healthcare firm announced the launch of Tyenne in the US for treating chronic autoimmune diseases.
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