European markets in decline

Markets fell across Europe yesterday as equities across most sectors turned lower.

US markets also opened weaker despite a strong overnight performance from the Nikkei.

A disappointing series of macro data from the US was the main catalyst for the sell-off, as investors consider whether a slowdown in the US economy is coming in the second and third quarters. The Iseq index fell below 4,000 points, losing 44.94 to close at 3,958.10.

Irish banks were mixed. AIB and Bank of Ireland posted small gains, while Permanent TSB Group was the sector laggard. AIB tacked on 0.2c to 7.1c and Bank of Ireland was also 0.2c better off at 16.1c. Permanent TSB Group dropped 0.2c to 3.7c.

Construction stocks were weaker for the most part with CRH being the biggest loser, shedding 25c or ca. 1.4% to €17.11. Kingspan fell 7c to €9.51. Grafton Group bucked the trend slightly adding 1.6c to €5.05.