Iseq: 2,511.77 (-31.59) Settlement date: November 28th:TRADERS REPORTED a quiet day on the stock market in Dublin yesterday. The focus was firmly on the German bond auction, proposals from the European Commission for eurobonds and data from economic China rather than equities.
Concerns were raised over Germany’s financial position after it was unable to sell over a third of its 10-year bonds at an auction. This sent the euro lower.
“The results of the German bond auction definitely spooked people,” one trader said. “Most Irish stocks traded down.”
The Iseq closed down 1.22 per cent overall with few stocks making gains during trading.
With America celebrating the Thanksgiving holiday today, markets are likely to remain quiet for the remainder of the week.
Kenmare Resources regained some lost ground yesterday, finishing up 3.7 per cent at 36.4 cent. The stock has been sold off in recent days due to its imminent exit from Europe’s Stoxx 600 index.
The other main movers were food group Glanbia and Cavan-based building materials company Kingspan.
Glanbia was up 2.25 per cent at €4.55 while Kingspan gained 17 cent to close at €5.95.
The big losers were United Drug, food company Greencore and bookmaker Paddy Power.
United Drug was 3.57 per cent lower at €1.943 while Greencore slipped 3.2 per cent to 69.7 cent.
Paddy Power’s recent gallop has slowed in the past few days following a good run for the stock in the wake of a strong trading statement last week. The bookmaker closed down 2.92 per cent in Dublin yesterday at €39.90.
Packaging group Smurfit Kappa was down 1.67 per cent at €4.11 in spite of news emerging yesterday of the acquisition of packaging plant near St Petersburg in Russia.
