ISEQ unmoved as US awaits Fed boss

THE ISEQ index of Irish shares was little changed in bank holiday trading yesterday, closing up 0.16pc around 80 points shy of the 7,000 level.

Agribusiness Donegal Investment Group was among the day’s biggest gainers, up more than 3pc and continuing to ride high after getting €45m for a stake in Monaghan Mushrooms that was the subject of a long-running dispute.

Kenmare Resources was up 2.7pc and is aiming for record production this year – the stock has been volatile in 2017.

On the other side of the board, heavily weighted CRH was the major drag on the index, losing 1.2pc.

Elsewhere, US stocks were down after lunchtime in New York, with small cap firms bearing the brunt of the selling.

Treasuries advanced as markets struck a tone of caution at the start of a week stuffed with catalysts – including the announcement of the new Fed chairman.

Earlier in the day markets shrugged off the first charges from special investigator Robert Mueller’s probe into links between the Trump presidential campaign and Russia. Apple rose on signs of strong demand for its latest phone, buoying the Nasdaq 100 Index. The company is the main attraction in another week of major earnings, with its report due Thursday.

Ten-year Treasury yields fell below 2.4pc, with President Trump’s choice to lead the Federal Reserve due any day.

The dollar slumped versus the euro, with the Fed, Bank of England and Bank of Japan slated to meet this week.

In Europe, equities nudged higher, with markets showing little sign of distress as the Spanish government took control of the Catalan government. The British pound strengthened ahead of the Bank of England rate decision on Thursday.