Weekly Market Insight

Latest Economic & Market Update 29th January 2021

29th January 2021

Good afternoon, it is January 29th 2021 and here is your economic and market update from BlackBee.

Today’s focus:

  • US equities rebound after worst day since October
  • Ires Reit completes acquisition of Phoenix Park Units for €60m

US shares recovered on Thursday after Wednesday’s sell off. The S&P 500 rose 1% following Wednesday’s 2.6% drop. The tech heavy NASDAQ rose 0.5%, having also closed 2.6% lower on Wednesday. A turbulent week for equities following battles between day traders and short sellers over GameStop and AMC, volatility appears to have subsided on Thursday. The VIX volatility index dropped to 30 on Thursday having shot up to almost 40 on Wednesday. The long term average of the index is 20. (Source: Financial Times)

Ires Reit expanded its residential portfolio by acquiring the Phoenix Park Racecourse. Ireland’s largest private landlord paid €410,958 per unit to the developer Flynn  & O’Flaherty Construction. The initial gross yield is expected to be 5.3% and the deal included a mixture of duplex units and houses. The acquisition takes the portfolio up to 3,834 units. (Source: Irish Times)

Best & Worst Performers of Large Cap US Stocks on Thursday
Click image to enlarge

Global Market Update
(as at close of markets 28/01/2021)