Volatile US trading after Fed rate cut

PROFIT-TAKING in the US yesterday led to volatile trading as investors capitalised on the share price boost delivered by the Fed’s 0.75% rate cut on Tuesday.

That triggered losses in the US and Europe after Tuesday’s strong gains, with all key markets marginally down. The ISEQ 100 Index fell victim to New York’s sell off and ended the day down 0.85%.

CRH fell almost 3.5% to €23.90, as the threat of recession in Ireland and the US continues to undermine the shares. Grafton, with exposure to the British and Irish construction markets was a casualty, also as its share price fell under 1% to €5.35 while house builder McInerney also active in Ireland and Britain saw its stock fall 3.36% on the day.