DUBLIN REPORT: Iseq: 3,257.02 (-83.55) Settlement date: May 4thVOLATILE CONDITIONS on the financial markets fed through to Irish equities yesterday, as sovereign health concerns weighed on investor sentiment.
“It was a real up-and-down day, but mostly down,” said a Dublin-based share dealer.
Having opened weaker, there was some respite for equity values in the early afternoon, but the Standard & Poor’s downgrade of Spain in the final half hour of trading meant most stocks finished in negative territory.
After a 4.5 per cent fall on Tuesday, the Iseq index of Irish shares fell 2.5 per cent yesterday, underperforming the major European indices. The financial stocks were subject to the most accentuated swings, but the final losses were more modest yesterday than they were after Tuesday’s nervy session.
Bank of Irelandfinished down 2.5 per cent at €1.67, shedding 4 cents, while AIBfell 1 cent to €1.44. Irish Life & Permanentdropped 2.6 per cent to close at €2.97, down 8 cents.
It was a weak day for the airlines, with Aer Lingusdropping 6 per cent to close at 68 cents and Ryanairdown 2.9 per cent at €3.67, as sellers offloaded stock.
It was the performance of building materials group CRH, the largest stock on the Iseq, that dragged down the Dublin market. CRH fell 3.2 per cent to €19.70. Industrial holdings group DCCwas among the stocks that were under pressure and it closed down 1.5 per cent at €19.62, but it was "a tough day" across the board, dealers noted.
After a bit of trading action earlier in the week, food group Glanbiahad a quieter session, with the stock 1.3 per cent lower at €3.06.
Fruit importers Fyffes, building group McInerneyand paper and packaging company Smurfit Kappawere among the few climbers on the day, with the latter stock the beneficiary of more positive news on business volumes in the packaging sector.
