European shares track down again

European shares retreated as chemical companies and oil producers tumbled, while investors speculated on the potential timing of a Federal Reserve interest rate increase.

US shares climbed the most in a month yesterday as investors shrugged off concerns that a Fed interest rate increase as early as June will derail the US economic recovery. Still, the rate outlook remains in focus and investors will look to data this week and comments today from regional Fed chiefs for St Louis, San Francisco and Philadelphia for signs on the trajectory of borrowing costs. DUBLIN The Iseq index bucked European trends to stay positive, rising 0.5 per cent to 6,262.

This was largely down to the strength of Ryanair shares, which closed up nearly 3 per cent at €13.58 after reporting a 43 per cent surge in annual profits to more than €1.24 billion. More than 3.3 million of its shares changed hands.

After struggling in recent weeks, Permanent TSB shares bounced 6.3 per cent to €2 despite a broker's report suggesting profitability in 2018 would be a little over a third of a target. Bank of Ireland, meanwhile, traded up 0.8 per cent at €0.24.

Irish petrol forecourt firm Applegreen was down 0.5 per cent at €4.45 despite reporting stronger trading volumes for 2016 at the tail end of last week.

Food group Glanbia saw its shares rise nearly 2 per cent to €16.07.

Agricultural products company Origin Enterprises fell nearly 2.5 per cent to close at €5.99 LONDON Britain's top share index edged lower, with a drop in the prices of crude oil and industrial metals putting pressure on commodities-related stocks.

The UK energy index dropped 1.1 per cent as the oil price fell for a fourth consecutive session after Iran insisted it would not freeze crude output.

Shares in BP and Royal Dutch Shell were down about 1 per cent.

Anglo American and BHP Billiton were down more than 1 per cent.

The blue-chip FTSE 100 index was down 0.3 per cent at 6,138.41 points by 1222 GMT. Losses were mitigated by a 3.4-per cent gain in Royal Mail shares after upgrades from brokers Cantor Fitzgerald and RBC Capital Markets.

Among mid-caps, sports retailer Sports Direct dropped 3.7 per cent after Goldman Sachs downgraded the stock to "neutral" from "buy". EUROPE European shares resumed losses as chemical companies and oil producers tumbled, while investors speculated on the potential timing of a Federal Reserve interest rate increase.

Bayer led chemical stocks lower, sliding 2.8 per cent after disclosing an unsolicited $62 billion all-cash offer to acquire Monsanto amid concerns that it might overpay.

Oil shares lost as crude retreated for a fourth day. Miners fell as metals tumbled.

Apple suppliers AMS and Dialog Semiconductor rose at least 2.5 per cent after a report that the iPhone-maker has asked suppliers to prepare production for a new version of its smartphones.

Fiat Chrysler fell 3.7 per cent after German newspaper Bild am Sonntag said the carmaker could be prohibited from selling cars in Germany if evidence of continued disregard of emissions rules is found. NEW YORK A rise in Apple's stock helped boost the Nasdaq and the Dow, while the S&P 500 was little changed in late morning trading.

The benchmark Philadelphia SE Semiconductors Index was up 1.2 per cent after the report that the iPhone-maker had asked its suppliers to prepare 72-78 million units, above the market’s expectation of 65 million units. Apple’s shares rose 1.85 per cent to $96.91.

Tribune Publishing fell 16.4 per cent to $11.90 after it rejected Gannett's latest takeover offer. Gannett was little changed at $16.12. – (Additional reporting by Reuters)