Iseq slips as investors hold fire ahead of G20 summit

Iseq: 2,724.66 (–31.19) Settlement date: November 3rd

Iseq:2,724.66 (–31.19) Settlement date:November 3rd

THE DUBLIN market fell back in quiet bank holiday trading yesterday as investors around Europe reined in the enthusiasm displayed in the wake of last week’s plan to tackle the Greek sovereign debt crisis and stabilise the euro.

Traders said that investors were waiting to see more details from the outcome of key meetings later in the week such as the G20 summit in France.

The Iseq index of Irish shares slipped by 1.13 per cent to close at 2,724.66, as a number of leading stocks lost ground.

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One of the most notable was international building materials giant CRH, which accounts for almost one quarter of the Iseq.

It dropped 5.25 per cent to close at €13.085. Just over 1.4 million of its shares were sold in Dublin.

Multinational packaging group Smurfit Kappa fell more than 1.94 per cent to end at €5.001.

Low-cost airline Ryanair shed 2 per cent to finish at €3.421, with about 575,000 of its shares changing hands in Dublin.

Insulation and building technology group Kingspan added 1.9 per cent to close at €6.45.

Elan, which published results last week, also made ground, adding 1.24 per cent to end at €8.52. Food group Glanbia was up 0.64 per cent at €4.72.

Both exploration group, Tullow, and Donegal Creameries, had announcements yesterday, but remained unchanged.

The Irish Stock Exchange released figures yesterday showing that trades on the market were up 26.3 per cent in the third quarter at 684,000, compared with 542,000 in the second quarter.

During the quarter, Bank of Ireland raised €2.5 billion, while the Government invested €5 billion in AIB, through the issue of new shares.

Companies on the Irish market have raised more than €10 billion since the start of the year.

Barry O'Halloran

Barry O'Halloran

Barry O’Halloran covers energy, construction, insolvency, and gaming and betting, among other areas