ISEQ un­moved as US awaits Fed boss

Irish Independent - - Business - Gavin McLough­lin/Bloomberg

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.

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