European Shares Decline on Tech Valuation Concerns
European stocks fell on Thursday, pressured by technology firms facing renewed selling amid mixed earnings reports and disappointing key economic data. Most tech stocks declined due to ongoing worries about stretched valuations. Euronext Dublin closed down 0.53% at 12,126.73, aligned with broader European markets.
Permanent TSB Leads Gains Amid Sale Plans
Permanent TSB continued its upward trend, rising 2.88% to €3.21 as investors reacted to the bank’s announcement of plans to sell itself this week. Bank of Ireland also outperformed, gaining 1.08%, while AIB dropped 0.18%, dragging the sector lower.
Strong Performance in Home Builders and Irish Ferries
- Cairn Homes rose 1.08%
- Glenveagh increased by 0.63%
- Irish Continental Group, owner of Irish Ferries, bucked the trend with a 1.05% gain
However, these gains were offset by bigger losses among key components. Ryanair slipped 0.82%, Kingspan lost 1.98%, and Kerry Group fell 1.86%. The biggest laggard was healthcare services group Uniphar, which dropped 2.78% to €3.84.
FTSE 100 Retreats From Record High
The blue-chip FTSE 100 index declined 0.42%, retreating from the previous session’s record high. Gains in financials and metal miners were outweighed by declines in energy and pharmaceuticals sectors.
“Most tech stocks declined as worries over stretched valuations lingered.”
Author’s summary: European markets slipped amid concerns about overvalued tech shares, despite gains in banking and homebuilding sectors, while the FTSE 100 retreated from record levels.
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