Despite a mixed day on the Irish market today, the Iseq managed to out-perform its European peers, closing down marginally by just 20.1 points, or 0.7 per cent, at 3,054.88. Across Europe, indices were down by 2 per cent on average.
Financial stocks helped keep the Irish market steady, as they advanced by 2.9 per cent, despite poor results from AIB.
The fact that AIB closed up on the day was a "remarkable reaction", as one broker saw it, to the bank's results, which were worse than expected and included a significant profit warning. The stock fell by almost 20 per cent early in the morning, following the publication of the bank's interim management statement, but benefited from the ongoing ban on short-sellers, and closed up by 6 cent, or 1.4 per cent, at €4.30.
Also surprising on the day was the reaction of other bank stocks to AIB's results, with Anglo Irish charging ahead, closing up by 25 cent, or 11.4 per cent, at €2.45. Bank of Ireland was largely static on the day, adding 1 cent, or 0.6 per cent, to finish at €2.34, but Irish Life & Permanent fell back by 5 cent, or 2.1 per cent, to €2.35.
There were also some inconsistencies amongst construction stocks, with Grafton remaining largely flat on the day, closing up by 1 cent, or 0.4 per cent at €2.53, while Kingspan gave up 45 cent, or 9.0 per cent, to drop back to €4.55.
Ryanair continues to benefit from its investment roadshow, and in a busy day of trading for the stock, it added 2 cent, or 0.7 per cent, to climb to €3.01.
The Kerry Group was another strong performer, advancing by 40 cent, or 2.2 per cent, to climb to €18.70, while Smurfit Kappa was also very strong, likely benefiting from lower oil prices, and it added 17 cent, or 9.7 per cent, to close up at €1.92.
Glanbia fell back on the day, falling poor performances from its US/UK peers, and gave up 25 cent, or 8.2 per cent, to close down at €2.80. Heavy trading volumes in infrastructure services group SiteServ saw the stock fall by 2 cent, or 22.2 per cent, to €0.07.
Despite a jubilant response to Barack Obama's election as US president, US stock markets returned to reality today, as poor economic data and slowing demand at Nucor Corp, the largest US based steel producer, compounded fears of a long-lasting recession. By 11.41 am, the S&P 500 had given up 17.72 points, or 1.8 per cent, to drop back to 988.03, while the Dow Jones Industrial Average declined by 17.72 points, or 1.8 per cent, to 988.03.
In Europe, stocks broke six straight days of gains by falling back today, as fears over the economic outlook once more took prominence over the US election. Across western Europe, 16 out of 18 markets fell, and the Dow Jones Stoxx 600 dropped by 2.3 per cent to 228.14.
Struggling mining companies in the UK led the FTSE 100 to give up 2.3 per cent, as Rio, the world's third largest mining company fell by 6 per cent, and BHP Billiton, the largest, declined by 1.6 per cent.
In France, poor third quarter results from BNP Paribas saw the stock decline by 3.3 per cent, and the CAC 40 fall by 2 per cent. In Germany, the DAX was down by 2.1 per cent.
