Global stocks edged lower amid warnings that markets might have got ahead of themselves with respect to the timing and extent of central bank policy cuts.
Dublin
Euronext Dublin outperformed international peers as it finished unchanged on the day.
Bank of Ireland finished the day down 2.3 per cent after JPMorgan downgraded it to underweight from neutral and lowered its price target from €10.80 to €8. Some 3.5 million of the bank’s shares were traded.
Housebuilder Cairn Homes was up 4.7 per cent at close of business after it reported results showing it recorded its strongest financial and operational performance to date last year. Its peer Glenveagh Properties clung on to its coattails as it climbed 1.6 per cent.
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In the travel and tourism sector, budget airline Ryanair was down 1.6 per cent, while EasyJet and Aer Lingus parent International Airlines Group were down 1.5 per cent and 2.3 per cent respectively.
“The airlines tend to be moving in tandem with one another at the moment given what’s happening in the Middle East and oil price movements,” noted a trader.
Among the paper names, box-maker Smurfit Kappa was unchanged on the day, which was a better result than that of its peer WH Smith, which sank 1 per cent.
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Elsewhere, Woodies DIY parent Grafton Group climbed 1.8 per cent and was described as a “standout mover” by a trader. Among the food names, Glanbia finished the day up 1.7 per cent, while dairy giant Kerry Group climbed 1 per cent.
Paddy Power Betfair parent Flutter Entertainment was up 80 basis points ahead of its delisting next week when it will move its primary listing to the United States.
London
The FTSE 100 closed down 0.48 per cent at its lowest level for a month as hopes of early interest rate cuts this year continued to dwindle.
In company news, Shell dipped in value after reports the oil giant decided to suspend all its shipments through the Red Sea after ships passing through the area were repeatedly targeted by Houthi attacks.
Sources told the Wall Street Journal that the decision was taken after the US and UK launched counter-attacks on Houthi targets in response to the group’s actions. Shares in the energy firm finished 24.5p lower at 2,435.5p.
Superdry shares slumped after Sky News reported the struggling fashion firm has drafted in advisers from PwC to assess options related to its debts.
The move came after it issued a profit warning just before Christmas, blaming a tough consumer retail market and abnormally warm autumn weather delaying sales of its crucial autumn/winter range. Superdry stock was down 3.4p at 26p.
Ocado shares edged 1p lower to 618p despite the technology retailer returning to positive annual earnings after sales growth improved.
Europe
European shares came under pressure due to less-optimistic rate-cut expectations in the wake of recent comments by European Central Bank officials.
The German Dax index was down 0.3 per cent at the close and the French Cac 40 closed down 0.18 per cent.
Elsewhere, the Stoxx Europe 600 fell 0.5 per cent, while the MSCI World index fell 0.9 per cent.
New York
Wall Street’s main indexes fell as banks came under pressure after mixed earnings from Goldman Sachs and Morgan Stanley kept investors cautious about the health of capital markets and deal-making, while declines in Tesla and Apple also weighed.
Tesla shed 2.2 per cent, steering a 1 per cent drop in the S&P 500 consumer discretionary sector, after chief executive Elon Musk said he would be uncomfortable growing the automaker to be a leader in artificial intelligence and robotics without having at least 25 per cent voting control of the company.
Apple fell 2.4 per cent after offering rare discounts on its iPhones in China on competition pressures, just days after it was overtaken by Microsoft as the world’s most valuable firm. (Additional reporting: Agencies)
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