It was a generally weak day of trading across Europe on Thursday, as the United States market saw early AI-fuelled gains burn out later in the day.
Investors had been hoping earnings of tech companies, such as Nvidia, could inject life into a stock market that has been largely static for the last month.
Eyes now turn to the gathering of top central bankers from around the world at Jackson Hole in Wyoming, which could offer signals on the path of US interest rates.
Dublin
Euronext Dublin finished down 0.20 per cent by close on Thursday, slightly in advance of generally weak trading across Europe throughout the day.
Interim results published by building materials giant CRH was the main news of the day among ISEQ companies, as the group reported an 8 per cent surge in sales in the first half of the year to $16.1 billion (€14.8 billion).
One Irish trader said there was “surprise” to see CRH stocks close down 1.7 per cent on Thursday but highlighted that the company has had a strong run in over the last number of weeks and still outperformed US peers. The group is set to abandon its listing on the Dublin Euronext Stock Exchange in favour of a New York listing next month.
The biggest movers on Thursday included mining company Kenmare Resources, which rose 2.82 per cent, and airline retail software company Datalex, which rose 1.85 per cent. Meanwhile, healthcare services company Uniphar fell 2.17 per cent.
Building materials company Kingspan continued to move higher on Thursday, closing up 0.87 per cent, while packaging company Smurfit Kappa was down 0.33 per cent.
The major banks gained on Thursday, as AIB closed up 1.24 per cent, Bank of Ireland rose 0.81 per cent and Permanent TSB was up 0.47 per cent.
London
The export-oriented FTSE 100 made gains for the third day in a row amid the continued slump in the pound, finishing up 0.18 per cent.
Biggest movers among the FTSE 100 included retailer JD Sports, which gained 5.07 per cent, as well as software and robotics platform company Ocado, which gained 1.76 per cent.
On the downside, shares in insurance company Aviva were down 2.57 per cent on Thursday, while financial services and asset management company Legal & General closed down 2.55 per cent.
The more domestically focused FTSE 250 midcap ended the session 0.18 per cent lower.
Europe
European stocks hit one-week highs as they headed for a fourth straight day of gains, adding as much as 1 per cent before falling back, as the Stoxx 600 fell 0.41 per cent lower.
Germany’s Dax index was 0.68 per cent lower for the day, while the French Cac 40 closed down 0.44 per cent.
Largest movers included JD Sports, as well as ecommerce retailer THG plc, which was up 4.23 per cent. Semiconductor manufacturer ASM International lost 6.32 per cent on Thursday, while German tourism group TUI fell by 5.53 per cent.
[ CRH increases dividend on ‘strong’ first-half earnings ahead of US listingOpens in new window ]
New York
Wall Street’s main indexes fell on Thursday, as an initial boost from Nvidia’s bright forecast faded later in the day.
Shares of Nvidia, the multinational tech company that produces chips to power artificial intelligence, reached record highs after the company forecast quarterly revenue that far exceeded expectations.
Nvidia’s gains fell back later in the day, however, with shares in other major technology companies such as Apple, Netflix, Tesla and Meta also experiencing losses.
Investors had hoped that Nvidia results would revive a rally in broader stock markets that had stalled recently due to concerns about interest rates staying higher for longer.
The Dow Jones, S&P 500 and Nasdaq were all down on Thursday, reversing early gains.
As central bankers are already gathered in Jackson Hole, Wyoming, investors will be tuned into Federal Reserve chair, Jerome Powell’s, speech on Friday, which may offer clues on where US interest rates are headed.
