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ISEQ hit by global emerging sell-off

Thursday, January 30 13:05:44

The ISEQ fell again this morning as global equities hit three and a half-month lows amid continuing unease following an emerging markets sell-off.

By 13:00, the ISEQ had dropped 34.90 points to 4,688.45.

World equities fell as a stimulus cut by the U.S. Federal Reserve and weak Chinese data fuelled a selloff in emerging markets and pushed investors towards safe-haven bonds.

The Fed trimmed its monthly bond-buying by $10 billion and made no mention of the turbulence in emerging markets, which some investors had thought might delay the widely flagged policy move.

The prospect of a steady withdrawal of stimulus coupled with improving economies in the developed world has lured funds away from many emerging markets, particularly those with current account deficits or political troubles.

Dublin-based recruitment group, Cpl Resources, today posted a 17pc rise in half year pre-tax profits to E7m compared to E5.59m a year ago as the employment market moved towards recovery mode. The ISE-listed company raised its interim dividend by 19pc. Its shares were flat at E7.35.

Irish agri-services firm Origin Enterprises has completed the purchase of an initial 60pc stake in Ukraine firm Agroscope for E12.7m, it confirmed today. Founded in 2002, Agroscope provides a number of services to the agriculture sector including advisory support to arable and root crop growers. It employs 150 people and services over 1,200 customers. Its shares fell 9c to E6.76.