Euronext Dublin plunges ‘enormous’ 4.7% on Ukraine crisis

Global markets fell on Tuesday as investors continued to grapple with the fallout of Russia’s invasion of its neighbour Ukraine.

DUBLIN

Euronext Dublin plunged 4.7 per cent on Tuesday, a fall that was described as “enormous” by traders.

There was broad-based weakness in the travel and leisure sector across the board, with Dalata Group – the largest hotel operator in the State – down 7.5 per cent despite posting a positive set of results earlier in the day.

In the same sector, Ryanair was down 10 per cent, while Easyjet, Wizz Air, and Aer Lingus parent International Airlines Group all dropped between 8 and 10 per cent.

Renault reports first annual profit in three years

---

Stocks slump as investors take heed of Russia-Ukraine tensions

---

Wall Street stocks edge lower as traders assess economic risk

---

Irish ‘junk bond’ devotees get houses in order as market sours

---

Bank of Ireland, which published results on Monday, eased back 4.5 per cent. Its peer, AIB, was down 3.6 per cent.

Elsewhere, packaging company Smurfit Kappa was down 5.6 per cent. "It actually did okay relative to some of its UK peers," noted a trader.

Among the more positive moves, builder Cairn Homes was down just 0.5 per cent, while Kerry Group was "probably one of the best performers", climbing 1.5 per cent, and healthcare group Uniphar was up 3 per cent following a strong set of results.

LONDON

The FTSE 100 fell as the worsening Ukraine crisis pushed shares of heavyweight banking and Russia-exposed miners lower, while Flutter Entertainment dropped on downbeat earnings.

The blue-chip index ended 1.7 per cent lower, with HSBC, Prudential, Lloyds Banking Group and Barclays among the biggest drags.

Shell dipped 1.1 per cent after the company said it would exit all its Russian operations, including a major liquefied natural gas plant.

Among other stocks, Flutter Entertainment dropped 12.4 per cent after the gambling firm posted an 11 per cent fall in 2021 earnings.

Bucking the sombre mood, AstraZeneca shares rose 1.8 per cent after it agreed with Swiss biotechnology firm Neurimmune to develop an antibody-based therapy for a rare, underdiagnosed condition that can lead to heart failure, in a deal valued up to $760 million.

EUROPE

European stocks tumbled, kicking off March on a dour note on weak earnings reports and jitters over the Ukraine crisis.

Italy’s financials-heavy benchmark sank 4.1 per cent as banks lost 6.8 per cent, while a slide in luxury names saw France’s Cac 40 drop 3.9 per cent and hit over five-month lows. Germany’s Dax index slid 3.9 per cent.

Shares in pandemic winners including German online fashion retailer Zalando and meal-kit delivery firm HelloFresh dropped 9.6 per cent and 7.8 per cent respectively after downbeat profit forecasts.

German chemicals maker Covestro gained 2.3 per cent after saying it had more than doubled its 2021 core profit and expected upbeat earnings for 2022.

NEW YORK

Wall Street’s main indexes slumped ,with financial stocks bearing the brunt for a second straight day as the Russia-Ukraine crisis deepened, while a surge in oil prices boosted shares of energy companies.

Wells Fargo lost 5.1 per cent, while the broader banks index slid 4.9 per cent as US 10-year Treasury yields slumped to five-week lows amid a flight to safe-haven debt.

However, the energy sector outperformed with a 0.4 per cent gain as oil jumped back above $100 a barrel.

Chevron Corp climbed 2.7 per cent to hit a record high after the oil major also raised its share buyback programme and forecast for operating cash flow through 2026.

Defence stocks such as Lockheed Martin Corp rose, building on a sharp rally in the previous session. Shares of mega-cap growth names including Apple were down over 1 per cent each.

Zoom Video Communications slid 5.6 per cent after it forecast downbeat full-year revenue and profit, signalling a hit from tough competition and lower sign-ups for its core Meetings platform.

The S&P index recorded 26 new 52-week highs and 14 new lows, while the Nasdaq recorded 32 new highs and 101 new lows.

– Additional reporting: Agencies