Iseq stays in the black - just about

The Iseq index just about managed to stay in the black today, as disappointing US economic data sent equity markets reeling.

“It was all about the macro,” one Dublin broker commented. Weaker-than-expected employment and manufacturing data out of the US in the afternoon hit stock markets around the globe.

“The general feeling is the macro backdrop is just weak,” he said, adding that "double speak” from European politicians in relation to the Greek debt crisis had added to the difficult trading environment.

Cement giant CRH enjoyed a decent run, climbing as high as €15.42 at one point, until the effects of the US data set in after lunch. The stock, which is the largest constituent of the Iseq index, finished 25 cent in the red at just under €14.89.

Ryanair defied the negative sentiment weighing on global markets and enjoyed an uplift of more 3 per cent, or 10.5 cent, to finish at almost €3.56. The low fares airline has been in favour since its results were released last month and its management embarked on an investor roadshow.

Mining company Kenmare Resources, which held its agm today, slipped 7 per cent, or four cent, to 53 cent.

Paper and packaging group Smurfit Kappa reversed Tuesday’s gains, and finished 22 cent off at just below €8.41.

The Iseq index pared its early gains and closed just slightly ahead at 2,971.30.

Across Europe, the UK's FTSE 100 lost 1 per cent, while Germany's DAX fell and France's CAC 40 each slid 1.1 per cent.

Additional reporting - Bloomberg