CRH performs well but Iseq reflects mood of uncertainty

Iseq: 2555.09 (-52.02) Settlement Date: November 24thCONTINUING uncertainty over the euro zone and fears that US lawmakers may not be able to agree a budget for next year left investors fearful and the Iseq index trailing almost 2 per cent behind its opening position at 2555.09.

However, dealers said it was a better performance than most European markets, which were down between 2 per cent and 3 per cent. “It’s the same carry-on, day in, day out; the markets took fright once again today,” one said.

Building materials behemoth CRH shed 2.34 per cent to close at €12.50. While it lost ground, traders said it had outperformed most of its peers.

The company looks set to enter the FTSE 100 index midway through next month, a move that is likely to give its stock a fillip, and investors may be waiting for the anticipated rise before selling its shares. Volumes were reasonable, with 1.5 million shares changing hands in Dublin.

Energy and distribution group DCC was down 0.74 per cent, a modest fall given that the unusually mild winter is likely to hit its home heating business.

The company has not ruled out following CRH and others and switching its main listing to London.

Ryanair dipped 0.2 per cent to close at 3.54, a performance regarded as relatively strong in the volatile environment.

Smurfit Kappa was off 5.13 per cent at 4.14.

Food and agri-business group Origin Enterprises looked to be the star performer after a positive trading update, showing underlying growth in revenues, lifted its shares by 3.73 per cent to 3.20.

However, the volumes involved were tiny, with just 20,000 of its shares changing hands.

Independent News Media rose almost 7 per cent to close at 23.5 cent, with shares bouncing back from Friday’s lows.