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ISEQ falls in line with global markets

Monday, January 27 12:45:15

The ISEQ fell again this morning as investors took their cue from a Europe-wide sell off in equities prompted by flight to security on emerging markets fears.

By 12:30, the ISEQ was down 40.61 points to 4,676.12.

Emerging markets led a global sell-off in risky assets today as European stocks followed sharp falls in Asia and safe-haven assets such as the yen and gold rallied. Concerns about China's economic slowdown and its shadow banking sector, combined with expectations that the Federal Reserve will scale back its bond buying further, are piling pressure on emerging markets dependent on external financing. Political risks in Ukraine, Turkey and Thailand as well as a looming financial crisis in Argentina are compounding the problem of emerging markets in a week when the Fed is expected to cut its monthly bond purchases by another $10 billion. Emerging markets experienced a similar synchronised sell-off last May when the Fed initially suggested stimulus wind-down. But this time, local factors are playing a bigger role.

Shares in CRH rose 8c to E19.27. Data released on Friday by the American Institute for Architects (AIA) shows that the non-residential construction market is now expected to grow by 5.8pc in 2014.

Ryanair's stocks dipped 2c to E6.64. Core portfolio stock Ryanair is expected to release Q313 results on Monday Feb 3rd. The low cost airline remains our favoured play in the airline space for a recovery of yields and earnings, according to Dolmen Stockbrokers. "The price war currently being waged by Ryanair, though painful in the short term, is likely to benefit shareholders in the longer term, by capping the expansion plans of rivals. In addition, efforts on the company's part to improve its public image through customer service and a more user friendly website should also be earnings enhancing," the broker said. Aer Lingus shares fell 6c to E1.37.