A sell-off in the US bond market has hammered global stocks in recent days amid concerns that the Federal Reserve will keep interest rates elevated longer than expected. However, this eased on Wednesday, with fresh data indicating a cooling US labour market.
In Dublin a number of ISEQ heavy hitters saw gains, but the index still tracked an overall loss, in line with European counterparts.
Dublin
The Iseq All Share Index performed in line with other European indices on Wednesday, and recovered slightly from a downward trajectory in recent days. However, the index still saw a loss of 0.06 per cent, closing at 8,222.41.
In terms of individual companies building materials company Kingspan saw a rebound after several days of losses, gaining 1.73 per cent and closing at €69.52.
Still at the centre of investor speculation regarding a proposed merger with US peer WestRock, shares of packaging company Smurfit Kappa remain volatile, but saw gains on Wednesday. Smurfit rose 2.05 per cent, closing at €31.36.
Paddy Power-parent company Flutter Entertainment lost 1.43 per cent, closing at €151.45. The fall reflected weakness across the betting and gaming sector, and coincided with announcement on Wednesday that Flutter plans to close 21 Paddy Power betting shops in the Republic with the loss of some jobs.
Dalata Hotel Group rose 0.52 per cent to €3.90 as the Irish-headquartered hotel group announced that it is investing €55.3 million in a new Edinburgh hotel, and has completed the €29.5 million deal to buy the leasehold interest in the Hard Rock Hotel, Amsterdam.
It was a mixed day for the Irish banks as AIB fell 0.39 per cent to €4.04, Bank of Ireland was up 0.71 per cent to €9.12, and Permanent TSB remained flat at €2.08.
Ryanair gained 0.48 per cent to €15.63, while insurance company FBD Holdings fell 2.07 per cent to €11.80, and