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ISEQ tracks world shares lower

Wednesday, December 11 17:43:26

The ISEQ fell sharply today as global markets dropped on increased uncertainty over the Fed's moves on stimulus tapering.

The index closed 30.66 points lower at 4,380.13.

European shares eased in late trade as increased certainty over U.S. government spending following a budget deal there was overshadowed by growing expectations that a scaling back of Federal Reserve stimulus is imminent. U.S.-exposed stocks such as cement-maker Lafarge and defence contractor BAE Systems were among the beneficiaries after budget negotiators in Washington reached a provisional two-year deal to avoid another government shutdown. Their shares added 2.6 and 2.4 percent respectively. For the broader market, though, the implications were less clear, with some suggesting a resolution on the budget could pave the way for the Fed to start scaling back its equity-friendly stimulus as soon as next week's meeting.

Kingspan's US insulated panels peer, NCI Building Systems, reported fiscal Q4 results (to November 3rd) after markets closed on December 10th. Headline figures included revenues of $400m (up 11pc year-on-year) with EPS of 11c compared to 8c in the prior year. The results comfortably beat expectations. Revenues were 11pc higher than the consensus expectation of $361m while EPS came in well ahead of the 7c forecast. Kingspan stocks climbed 27c to E12.33.