European Shares Decline Amid Tech Sector Pressure
European stocks dropped on Thursday, driven by technology companies facing renewed selling pressure as investors digested mixed earnings reports and underwhelming key economic data. Most technology stocks suffered declines due to ongoing concerns about overvalued shares.
Market Performance Overview
Euronext Dublin closed 0.53% lower at 12,126.73, closely tracking other European markets.
Key Movers in the Irish Market
- Permanent TSB rose 2.88% to €3.21, boosted by its recent decision to put itself up for sale.
- Bank of Ireland gained 1.08%, outperforming the sector.
- AIB slipped 0.18%, weighing on the banking sector.
- Cairn Homes and Glenveagh benefitted from a strong day in homebuilding, rising 1.08% and 0.63%, respectively.
- Irish Continental Group, owner of Irish Ferries, increased by 1.05% despite broader market weakness.
Sector Decliners
- Ryanair fell 0.82%.
- Kingspan and Kerry Group dropped 1.98% and 1.86%, respectively.
- Uniphar, a healthcare services company, was the largest decliner, down 2.78% to €3.84.
UK Market Update
The FTSE 100 index declined 0.42%, pulling back from its record high in the previous session. Gains in financials and metal miners were offset by sell-offs in the energy and pharmaceutical sectors.
"European stocks fell on Thursday, dragged by technology firms that came under fresh selling pressure while investors assessed mixed earnings and disappointing key economic data."
Author's summary: European markets slipped amid renewed concerns over tech valuations, despite gains in some banking and homebuilding stocks.
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