B of I and Ryanair make gains on light trading day

DUBLIN REPORT: Iseq: 2,915.36 (+4.61) Settlement date:August 4th

IT WAS a muted end to the month for the Dublin Stock Exchange as the Iseq finished pretty much flat.

As was the case throughout Europe, the Irish market took its lead from the US, where news that the economy had grown at a slower pace than predicted in the second quarter weighed on stocks.

Although volumes were light, the Dublin market did see a flurry of activity towards the close of session, as investors took stock at the end of the month.

Much of the morning trading in Dublin focused on CRH as two industry peers from the US, Lafarge and HeidelbergCement, published half-year results.Lafarge’s downgrading of full-year cement volumes and a weak outlook from the sector fuelled anxiety about the state of the global construction market, and dragged down the sector.

Having dipped in morning trade, CRH regained ground and succeeded in outperforming other peer stocks globally, finishing 1.4 cent off at €16.03.

Volume was weak in the banks, although Bank of Ireland did see activity towards the end of the session pushing the share price 4 per cent higher to finish at €0.85. AIB ended the session flat, on light volumes, with traders looking ahead to next Wednesday’s interim results.

Irish Life and Permanent failed to attract much investor interest either, closing 0.7 per cent off at €1.75 on light volumes.

Aer Lingus took a hit yesterday amid news that cabin crew are to ballot on industrial action. It shed 2 per cent on the day to finish at €0.93.

Ryanair saw good volume, and climbed 2.2 per cent on the day to finish at €3.84, again boosted by activity towards the close of the session.

DCC continued to see above average trade. It closed up a half a per cent, or 10 cent, to finish at €18.85.