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Glenveagh down more than 6pc in afternoon trading

Markets Report


Shares in housebuilder Glenveagh Properties were down more than 6pc in afternoon trading yesterday (stock picture)
Shares in housebuilder Glenveagh Properties were down more than 6pc in afternoon trading yesterday (stock picture)

Shares in housebuilder Glenveagh Properties were down more than 6pc in afternoon trading yesterday. The company secured commitments for €213m of fresh cash, and alongside that a key early investor moved to sell down its stake in the company.

That was among the downward moves which helped drag the Iseq slightly lower as of 4:08pm, with the index down just short of 0.2pc at that time.

Shares in minerals producer Kenmare Resources were down almost 3pc, eating into gains on Tuesday when the company announced record product shipments for the second quarter.

Among the gainers was CRH, which announced the sale of its Benelux DIY business. The cement giant was up more than 1pc.

US equities were mixed in early trading as shares of slumping utilities and technology companies offset gains in industrials and financials after Morgan Stanley earnings beat forecasts.

European shares advanced after a mixed session in Asia.

The Nasdaq Composite Index dropped from a record high as Google parent Alphabet faced a $5bn fine from the EU Commission.

The dollar strengthened as Federal Reserve Chairman Jerome Powell began a second day of testimony before Congress on the US economy after delivering an upbeat assessment on Tuesday, helping spur declines in raw materials prices and emerging-market currencies. “You’ll have these news headlines and different issues that will rattle some of these stocks, especially given how fast some of them have run,” said Lindsey Bell, an investment strategist at CFRA. “Google today is not moving significantly on the news out of the EU, but you’ll see these headlines cause certain stocks, maybe even the sector, to waver a little bit.”

“If the theme remains the same, any weakness from earnings will be met by buyers, with Netflix and banks as examples,” said Dave Lutz, head of ETFs at Jonestrading Institutional Services.

The dollar outperformed most of its major peers, helping push down an index of developing-nation currencies by the most in two weeks. China’s yuan approached its weakest close in almost a year. The pound slumped after UK inflation came in below expectations. Elsewhere, Bitcoin extended its biggest three-day rally this year. (Bloomberg)

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