European shares fall as concerns over tech giants’ valuations continue
European stock markets slipped on Thursday as technology firms faced renewed selling pressure. Investors digested uneven corporate earnings and underwhelming economic reports, keeping sentiment cautious across the continent.
Market overview
Euronext Dublin ended the session down 0.53% at 12,126.73, in line with broader European markets. Despite the general decline, a few Irish stocks stood out with notable gains.
Key performers in Ireland
- Permanent TSB rose 2.88% to €3.21 after confirming plans to sell the bank, maintaining momentum from earlier in the week.
- Bank of Ireland added 1.08%, while AIB slipped 0.18%, weighing slightly on the financial sector.
- Homebuilders Cairn Homes and Glenveagh advanced 1.08% and 0.63% respectively on steady buying interest.
- Irish Continental Group, operator of Irish Ferries, gained 1.05%, defying the general market trend.
Major laggards
- Ryanair dropped 0.82% as airline shares weakened.
- Kingspan and Kerry Group lost 1.98% and 1.86%, contributing to the index’s decline.
- Uniphar was the session’s worst performer, falling 2.78% to €3.84.
Wider European sentiment
Across Europe, selling in technology shares outweighed modest gains in other sectors. The blue-chip FTSE 100 fell 0.42%, pulling back from a record high set in the prior trading day, as strength in financials and miners could not counter losses in energy and pharmaceuticals.
Investors remained wary of overpriced technology stocks amid weak economic signals.
Author Summary
European equities declined as technology shares weighed on indices, with Ireland’s Permanent TSB standing out on takeover speculation while the FTSE 100 retreated slightly.