Iseq fails to benefit from US gains

World stocks edged higher yesterday after data showed the US services sector grew at a slightly faster pace in May, but the Iseq fell nearly 2% as the eurozone crisis escalated, with Spain saying it was being shut out of credit markets.

The Iseq index was down 1.7% despite rises in many other European and US markets. Two of the index’s large shares, Kenmare Resources and TVC Holdings, were both down over 5%, and Total Produce, Aryzta, and AIB were down over 4%. Other shares down substantially included Ryanair, Fyffes, CRH, and Elan.

Spanish finance minister Cristobal Montoro made an appeal to the EU to help Madrid recapitalise its debt-laden banks.