Global markets were higher on Wednesday before a tech sell-off on Wall Street extended into a second day and dampened the mood.
Dublin
Euronext Dublin finished 1.6 per cent lower, dragged down by insulation specialist Kingspan, which sank 4.4 per cent off the back of a badly received profit warning from Danish peer Rockwool.
Kingspan is one of the biggest companies on the index, and the situation was not helped by a 2.4 per cent dip apiece for fellow heavyweights Ryanair and AIB.
Food giant Kerry Group was the standout performer on the day as it rose 1.7 per cent.
RM Block
Kenmare Resources finished down 2.7 per cent after saying it will pay an interim dividend to shareholders despite plunging to an $88.6 million (€76.17 million) loss before tax in the first six months of 2025 after taking a $100 million impairment charge on mining assets in Mozambique.
London
The FTSE 100 hit a new all-time high as it climbed 1.1 per cent, shrugging off inflation data and fresh falls among technology stocks on Wall Street.
The FTSE 250 ended up 0.2 per cent, but the AIM All-Share finished 0.5 per cent lower.
Rate sensitive housebuilders bucked the upbeat mood on the FTSE 100, with Persimmon falling 0.3 per cent.
Elsewhere, ConvaTec gained 5.6 per cent as the medical products supplier started a share buyback worth up to $300 million.
Ithaca Energy jumped 10.4 per cent to the highest in nearly three years after the oil and gas company lifted its 2025 production forecast.
Meanwhile, United Utilities firmed 3.5 per cent as Barclays upgraded to “overweight” and set a 1,535 pence share price target.
Europe
European stocks rose for a third straight session, aided by gains in defensive sectors. The Stoxx Europe 600 Index advanced 0.2 per cent by the close.
Defensive stocks that are less sensitive to economic cycles, including food and beverage and personal care, outperformed.
Construction, as well as travel and leisure stocks, were the biggest laggards.
Why is Ireland not considered a truly rich country?
The Cac 40 in Paris ended slightly lower, while the Dax 40 in Frankfurt closed down 0.6 per cent.
Among individual stocks, Alcon slumped 9.4 per cent after the medical device manufacturer cut its net sales forecast.
Elsewhere, United Utilities Group rose 3.5 per cent after the stock was upgraded to overweight by Barclays analysts.
New York
Shares on Wall Street dropped for a second successive day as weakness in the tech sector persisted while a key meeting of central bankers later this week remained in focus for currency and rates traders.
The S&P 500 declined 0.8 per cent and the tech-heavy Nasdaq Composite dropped nearly 1.5 per cent in early trade, as the pressure persisted after a steep fall on Tuesday. The Dow Jones Industrial Average was down 0.2 per cent.
Analysts pointed to a confluence of factors behind weakness in tech stocks, including concerns over steep valuations, investors exiting profitable positions and a general mood of risk aversion.
“I think we were priced for perfection in the US and there was quite a lot of complacency in markets, so some summer volatility should have been expected,” said Ben Laidler, head of equity strategy at Bradesco BBI.
Wariness over US president Donald Trump’s growing influence over the sector has also been in focus for investors. US commerce secretary Howard Lutnick is looking into the government taking equity stakes in Intel as well as other chip companies, two sources told Reuters.
The potential moves follow other unusual revenue-sharing deals Washington has recently struck with US companies, including AI chip giant Nvidia and Advanced Micro Devices.
While the individual developments may be brushed aside by markets, they fall into the broader bucket of concerns over the institutional framework in the United States, Mr Laidler said. – Additional reporting: Agencies
