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ISEQ lags Europe on profit taking

Thursday, January 30 17:41:16

The ISEQ bucked the European trend today as investors opted to run to safety after some volatile trading in recent days.

At the close, the ISEQ was down 38.71 points to 4,684.64.

European shares recouped early losses and edged higher late, with solid U.S. growth data and "oversold" levels prompting some buying, although the market remained vulnerable due to lingering emerging market concerns.

Earlier, 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 down 15c at E7.20.

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 10c to E6.75.