Iseq index sheds more than 1% as Ryanair falls
European shares slipped on Wednesday as traders weighed another big batch of corporate earnings.The Iseq index fell by more than 1 per cent on Wednesday, underperforming its European peers.
Shares of mining giants such as Rio Tinto, Antofagasta and Glencore rose between 1.7 per cent and 3.4 per cent as prices of most metals climbed on the back of a weaker US dollar. Lloyds Banking initially dipped 1.1 per cent after the country’s largest mortgage lender reported a 28 per cent slump in quarterly pretax profit as rising costs, peaking interest rates and intensifying competition in the mortgage market hurt income. It recovered to add 0.8 per cent on the session at the close. NatWest was essentially unchanged while Barclays and HSBC both fell 0.6 per cent.
The tech sector climbed more than 2 per cent, with Dutch chipmaker ASM International surging after orders beat expectations. Banks weighed on the index, with Lloyds of London falling after missing estimates for lending income. Italian lender Intesa Sanpaolo with its Spanish counterpart Santander among the only upward movers across the sector, adding 0.7 per cent.
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