Markets move lower on weak data

European stock markets moved lower yesterday as hopes for further monetary stimulus in the US were outweighed by weak eurozone composite purchasing-managers index (PMI) data which indicated the region’s economy contracted for a seventh consecutive month.

Riskier stocks such as financials and resource companies were the hardest hit. The Iseq index was 10.57 points off at 3162.99.

Irish financials were predictably mixed yesterday. AIB and Permanent TSB remained unchanged for a second day. The former closed at 5.1c while the latter finished at 2.4c. Bank of Ireland shed 2c to 8.5c. Irish insurance company FBD Holdings added 18c to €8.75.

Construction stocks were equally mixed as CRH was off 3.5c to €14.225. Kingspan followed suit, losing 3c to €7.67 while Grafton Group bucked the trend adding 2c to €3.25.

Irish paper and packaging company Smurfit Kappa dropped 13.9c to €6.611.


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