Small bounce for European markets

European markets experienced a small bounce to recover some of the ground lost during the previous session.

The Netherlands, Italy, and Spain conducted bond auctions on the day and all were within comfort zones and were therefore seen as broadly successful. Despite this, macro concerns continue to overshadow markets. The Iseq index was 16.07 points ahead at 3178.51.

The financials had a better day as all three Irish-listed banks made slight gains. AIB gained 0.1c to 7.3c while Irish Life & Permanent was 0.8c or about 29% ahead at 3.5c. Bank of Ireland issued an interim management statement which was broadly in line with consensus expectation. Management said both macro and domestic conditions remain challenging. The share price moved on 0.2c to 11.2c.

The construction stocks were also in positive territory with CRH adding 36c to 15.02. Grafton Group and Kingspan followed suit, up 0.1c and 25.4c respectively to 3.205 and 7.90.

Elsewhere, resource companies Petroceltic, Petroneft, and Kenmare Resources were amongst the worst-performing stocks, losing 2c, 0.5c, and 1.1c respectively.