Irish shares join global rally from biggest sell-off since 2008 crash
Ireland’s Iseq stock market index rallied on Tuesday, as global equity markets recovered some of the losses sustained in the previous session in the biggest sell-off since the 2008 financial crash.
Wall Street shares are also on track to stage a mini recovery as futures on the S&P 500, Dow Jones Industrial Average and Nasdaq were all marked higher.
The Iseq jumped as much as 4 per cent to 6082,95, having slumped 6.4 per cent on Monday. The pan-European Stoxx 600 index and London’s FTSE 100 each added up to 3.8 per cent.
Still, analysts cautioned that markets will remain volatile for the foreseeable future as investors keep an eye on the spread of coronavirus, which has prompted fears of a global recession.
The stock market plunge on Monday has also been fuelled as oil prices slumped by over 30 per cent in the sharpest slump since the 1991 Gulf War, as a standoff between Saudia Arabia and Russia over production sparked a price war.
“While things feel like the end-of-days I’d stay risk averse in the near-term, but expect bear market rallies,” said Chris Weston, head of research at Pepperstone Group.
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