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Iseq retreats as banks have poor day
Global stocks declined across the board on Wednesday, as war in the Middle East shook investors’ confidence in the markets on either side of the Atlantic.
Elsewhere in Europe, major luxury brands were downgraded, leading traders to ease off on their bets. The Iseq Overall index declined 0.94 per cent to close at 14,400.87 following a day of generally poor returns for the banking sector. Shares in AIB fell 0.92 per cent to close at €11.35 while Bank of Ireland was no better, dropping 1.19 per cent to close at €19.90.
Elsewhere, it was as mixed day for Irish nutrition companies: Kerry Group fell 1.36 per cent to €83.55 a share after a much strong closing price the day before. But Glanbia soared 2.73 per cent to close at €22.60. Shares in Ryanair fell a further 1.22 per cent, also closing at €22.60, while ferry-operator Irish Continental Group saw no change in its share price.
Pensions: In pursuit of financial security ... although chilly reality awaits Housebuilders Gleanveigh Properties fell slightly, by 0.20 per cent, to close at €2.49, while Cairn Homes also dipped below yesterday’s closing price at €2.76. The London stock market ended the trading day in the red, with strong results from energy companies proving unable to pull up poor returns from the transport and banking sectors.
The British capital’s benchmark blue-chip FTSE 100 index fell 1.31 per cent and its mid-cap FTSE 250 dipped 0.93 per cent. Oil and gas giant BP saw its share price jump 1.27 by markets close, with fintech firm IG Group following close behind, up 1.05 per cent on the FTSE 100. Chemical company Victrex, on the FTSE 250, soared 16.23 per cent by close.
Meanwhile, real estate company Rightmove suffered a 5.02 per cent drop in stock, as Autotrader Group also fell 4.68 per cent. Lloyds Bank also fell 2.19 by close. Elsewhere in Europe, shares traded on the continent’s two leading indices also declined, with French luxury goods conglomerates leading the charge into the negative. The blue-chip Stoxx 50 benchmark was down 1.58 per cent, pipping the mid-cap Stoxx 600 index which dropped 1.42 per cent.
Kering, which owns fashion brands Gucci, Saint Laurent and Alexander McQueen, suffered a 4.97 per cent decline in its share price by the close of market as it continues to struggle in retail space amidst strong competition from Chinese brands. Its rival LVMH, with a portfolio of some 75 luxury brands such as Louis Vuitton, Christian Dior and Dom Pérignon, saw its share price drop 3.59 per cent after HSBC cut its rating of the company to “hold” and predicted a tough economic outlook for the second half of the year.
Rome-based multinational energy company Eni SpA benefitted from a 1.91 boost in its shares after it announced it bought back some 3 million of its own shares at a weighted average price last week. Early trades made on Wall Street were rattled by heightened tensions between the US and Iran in the Middle East, with Brent crude oil topping $100 a barrel for the first time since July as worries over the further tightening of supply chains through the Strait of Hormuz rose alongside the benchmark price.
Increased energy costs did not ease investors’ concerns for key inflation data to be published by the US Federal Reserve later this week, with the possibility of the public body increasing the federal funds rate on many of their minds. Following on from its European equivalents, all the major US stock indices were in the red – albeit not by large margins – before midday New York time.
Shares in Apple dipped in the run-up to the unveiling of the newest iPhone model later that day, while computer manufacturer Dell’s share price climbed amidst an increasing demand of artificial intelligence-driven software. - Additional reporting: Bloomberg. Property owners oppose expansion of Mount Juliet hotel‘Everything was bled out’: Publican says he can’t pay cleaner after losing nearly €200,000Clamping in Dublin city centre to largely be replaced by towing and fines
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