Global equities were largely flat on Monday as investors vacillated over the US’s entrance in Israel’s war with Iran, and crude oil erased the rally that was expected after the White House launched air strikes on the Islamic Republic over the weekend.
Dublin
Slightly underperforming its European peers, the Iseq index closed the session down by almost 0.9 per cent after a tough day for aviation stocks globally.
On relatively high volumes, shares in Ryanair slipped by 0.9 per cent to close at €22.90 per share. Jet fuel prices in Europe soared in early trading as oil prices climbed amid concerns about potential disruptions to oil supply stemming from war in the Middle East.
Irish bank shares also shed value, with Bank of Ireland sliding almost 1.6 per cent to close at €11.44 per share, AIB falling 0.7 per cent to €6.64 and PTSB closing down 1.7 per cent at €1.98.
Shares in the up-for-sale hotels group Dalata slid by more than 1 per cent after announcing that the Pandox Consortium had increased its stake in the business. Dalata received and rejected a takeover bid from the group earlier this month.
Kerry Group, up 0.3 per cent to €93.65 per share, and home builder Glenveagh, up 0.1 per cent to €1.74 were among the only stocks to finish the session in green.
Europe
European equities indices started and finished the session marginally in red, with the blue-chip Stoxx 50 closing down 0.2 per cent and the pan-European Stoxx 600 down 0.3 per cent.
Dutch technology investor Prosus surged to the top of the blue-chip index, adding 3.5 per cent after swinging to a profit for the first time.
Semiconductor stocks also rose with Dutch chipmaker ASML adding almost 3 per cent while its German rival Infineon jumped 1.1 per cent.
Aviation stocks, meanwhile, sank amid fluctuating jet fuel prices and escalating tensions in the Middle East. Lufthansa fell 0.9 per cent, while Air France shed 1.8 per cent and Airbus was down by 0.3 per cent.
Stellantis dropped by 2.1 per cent as the Fiat-maker’s chief executive announced a reorganisation of top management at the struggling automaker.
London
A flat session saw the benchmark FTSE 100 and the mid-cap FTSE 250 close down by just over 0.1 per cent.
Moving to the top of the mid-cap index, Spectris’ shares jumped 15.3 per cent and hit a sixteen-month high after the company agreed to a £4.4 billion debt-inclusive takeover deal by private equity firm Advent over a rival proposal from KKR.
Largely tracking shifts in crude oil prices, which touched five-month highs during the session before erasing much of the rally, shares in Shell and BP finished the session 0.2 per cent 0.4 per cent. The oil majors were up as much a 3 per cent earlier in the day.
Airline stocks plummeted as carriers cancelled flights to the Middle East over safety concerns and jet fuel prices oscillated. Aer Lingus owner IAG dropped 1.4 per cent, EasyJet shed 2.4 per cent, and Wizz Air was off by 1.1 per cent on the mid-cap index.
New York
Wall Street’s main indices dropped before paring losses on Monday after a Federal Reserve official hinted that more interest rate cuts are coming soon.
The S&P 500, the Nasdaq Composite and the Dow Jones Industrial Average were all down by around 0.3 per cent at closing bell in Dublin.
Tesla’s shares rose 9.7 per cent after it deployed a small group of self-driving taxis picking up paying passengers on Sunday in Austin, Texas.
Among other movers, drugmaker Eli Lilly edged up 0.7 per cent. Its rival Novo Nordisk fell 5.3 per cent after detailed trial data on its experimental obesity drug CagriSema failed to impress investors.
Northern Trust surged 6.9 per cent after a Wall Street Journal report said Bank of New York Mellon approached the asset and wealth manager for a potential merger. – Additional reporting: Bloomberg, Reuters
