European stocks slide as investors lock in profits

European stocks fell on Wednesday as investors turned profits after a five-month streak of consecutive wins, fearing inflation and the possible impact of the Delta variant of Covid.


The giant of construction materials and heavyweight of the CRH index lost 1.51% to € 42.50. The Irish group confirmed on Wednesday its intention to buy back $ 500 million in shares from investors.

Irish banks have had a difficult day. AIB fell 2.6% to € 2.173 while Bank of Ireland fell 1.8% to € 4.517.

Ryanair recovered some of the ground lost earlier in the week, climbing 2.54% to € 15.96.

The Irish giant outperformed carriers, including rival Easyjet and Aer Lingus owner International Consolidated Airlines Group, both of whom were flat that day.

Flutter Entertainment, owner of Paddy Power and Betfair, ended the day down 1.55% to € 152.70.


The FTSE 100 narrowly avoided breaking four straight months of gains on Wednesday as its financial institutions and homebuilders led the index lower.

London’s best index finished June at 7,037 points, compared to 7,023 where it finished in May.

Builders gave ground after strong gains on Tuesday following news of soaring house prices.

Grafton Group, the Irish DIY and building supplies specialist, owner of the Woodies chain, fell 1.97% to close at 1,147 pence.

Persimmon fell 0.77% to 2980p while rival Taylor Wimpey lost 2% to end the day at 158.95.

Shares of Esken, the London-listed owner of Stobart Air, which went out of business in June, rose 4% to 26p after the transport and energy group said it was only days away from getting a £ 120million loan to finance Southend Airport, which he owns.

Dixons Carphone jumped almost 6% to 130.2p after the company said it reached a pre-tax profit of £ 33million as of May 1. He has lost £ 140million in the previous 12 months.

Car dealership Pendragon also revealed that it will go from loss to profit thanks to increased demand in the past two months. But the company warned there was a shortage of new vehicles and its shares rose only 0.4%.

Advertising agency M&C Saatchi saw its share price skyrocket more than 8% to 160p after raising its financial guidance, with pre-tax profit for the first half of the year expected to exceed £ 10million.

More good news came from Cake Box, up 2.8% to 331p, which reported an almost one-eighth increase in pre-tax profit.

Indivior jumped 6.4% to 154.6p after the opioid addiction treatment maker increased its annual revenue and profit forecast, encouraged by strong sales of its opioid dependence treatments in the first half of the year. the year.


The pan-European Stoxx 600 closed 0.8% lower at 452.84 points but rose 1.4% in June, its fifth consecutive month of gains. The index is up 14.4% this year.

Auto stocks were the worst performer of the day, losing 1.9%. But the sector has surpassed its peers this year with a jump of more than 25%.

In company news, Dutch eyewear operator Grandvision jumped 14.2% to € 28.20 as Ray-Ban maker EssilorLuxottica said it decided to make a buyout expected from the business. EssilorLuxottica share remained stable at € 155.64.


The S&P 500 hovered near an all-time high on Wednesday as U.S. private sector payrolls rose in June even as hiring slowed, with leading Wall Street averages set to end their fifth straight quarter of gains.

The S&P Growth Index, which brings together the names of mega-caps Apple, Amazon, Facebook and Microsoft, jumped nearly 11.9% this quarter, outperforming its value counterpart and closing the performance gap since beginning of the year.

Micron Technology rose 1.2% as BMO upgraded the stock to “outperform” relative to “market performance” due to the persistent imbalance between supply and demand in 2022. The maker of chips were due to publish quarterly results after markets close. – Additional reports: Reuters

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