European Shares Fall as Concerns Over Tech Valuations Persist
European stock markets slipped on Thursday, weighed down by renewed selling in technology companies. Investors reacted to mixed earnings and disappointing economic indicators, deepening concerns about inflated valuations across the tech sector.
Irish Market Highlights
The Euronext Dublin index declined by 0.53 per cent to 12,126.73, mirroring broader European sentiment. Among the larger Irish companies, Permanent TSB stood out, gaining 2.88 per cent to reach €3.21 per share after confirming plans for a potential sale last week. Bank of Ireland also advanced 1.08 per cent, while AIB weighed on the banking sector with a marginal 0.18 per cent dip.
Sector Performance
- Homebuilders Cairn Homes and Glenveagh rose by 1.08 per cent and 0.63 per cent.
- Irish Ferries owner Irish Continental Group bucked the trend with a 1.05 per cent gain.
- Ryanair slipped 0.82 per cent, while Kingspan and Kerry Group fell 1.98 per cent and 1.86 per cent respectively.
- Healthcare firm Uniphar led the declines, dropping 2.78 per cent to €3.84 per share.
Broader European Outlook
The FTSE 100 index in London dropped by 0.42 per cent, moving away from a record high reached in the prior session. Strength in financial and mining stocks was outweighed by weakness in energy and pharmaceutical shares.
Most tech stocks declined as worries over stretched valuations lingered.
Author’s Summary
European shares retreated as tech valuation fears resurfaced, with Irish banks and builders showing resilience amid widespread losses across major indices.