It was a weak day on the Irish stock market on Monday, as the ISEQ Index underperformed compared with EU peers. The Irish index was dragged down by declines in Paddy Power parent company Flutter Entertainment, as UK peer Entain slumped on weak online gaming revenues.
There were few gains on the Irish Stock Exchange by closing time on Monday, as the ISEQ All Share closed at 8,368.46, down 1.57 per cent.
The overall index was dragged down by a 3.22 per cent decline by Flutter Entertainment, which closed at €156.10. Shares in the betting company dropped as UK peer Entain plunged after it said it expects revenues for online gaming to decline this year.
Among the other biggest losses were mining company Kenmare Resources, which fell 4.07 per cent to €4.72, and energy storage company Corre Energy lost 2.38 per cent, closing at €3.28.
Packaging company Smurfit Kappa saw gains of 0.7 per cent, reaching €31.65, counter to index moves and ahead of peers. A Dublin trader said Smurfit’s gain is likely stock specific, as the company’s proposed merger with US-based WestRock is still being widely debated among investors.
The banks saw mixed movement on Monday, with AIB falling 0.67 per cent to €4.13 and Bank of Ireland down 0.36 per cent to €8.904, while Permanent TSB gained 2.88 per cent to €2.14.
UK stocks saw losses on Monday, as the exporter focused FTSE 100 Index fell 0.78 per cent to 7,623.99, while the more domestically focused FTSE Mid-Cap 250 was down 1.03 per cent, closing at 18,415.31.
Ladbrokes owner Entain tumbled to a more than 2½-year low after warning of a decline in online gaming sales. Shares plummeted 13.07 per cent after Entain said it expects online net gaming revenue for the third quarter and full year to decline amid ongoing regulatory issues in Britain