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ISEQ flat as markets await Spain move

Tuesday, September 18 12:48:09

The main Dublin shares index fell slightly this morning as markets await moves by Spain on aid.

By 12:45, the index was down 6.44 points to 3,275.10.

European shares and the euro slipped today, leading a broader drop in risk assets as investors turned their attention from central bank stimulus to slowing global growth and doubts about Spain's desire for an international aid package.

Taking their lead from weaker Asia markets, European equities continued to fall away from 14-month highs hit last week after the Federal Reserve promised to keep pumping money into the U.S. economy and the euro zone's bailout fund got crucial backing from a German court. London's FTSE 100, Paris's CAC-40 and Frankfurt's DAX were down between 0.7 and 1.25 percent by 0945 GMT, pushing European and global indexes into negative territory.

Food and beverage sectors underperformed in the European and US markets over the past week as sector rotation emerged. In Europe, both sectors fell 2.4pc in the week, behind a 1.1pc gain in the FTSE E300 Index. Year-to-date, beverages remain one of the best-performing European sectors (+26.9pc), well ahead of the wider market (+11.8pc). Food producers are +6.4pc year-to-date. In the US, the S&P 500 rose by 2.2pc on the week, but beverages were down 0.6pc and food products were broadly flat (-0.2pc). Year-to-date, beverages (+8.8pc) and food products (+3.8pc) are underperforming the overall market (+16.8pc).

Shares in Kerry Group rose 51c to E27.52 and Aryzta rose 45c to E41.25.