A strong opening session on Wall Street failed to stem modest losses on the Dublin market, where profit-taking and most of the leaders closed lower in relatively thin trading.
Even the latest banking consolidation in the euro zone - the €31 billion (£24.41 billion) merger in Spain between Banco Santander and BCH - did not prevent early selling of AIB. The Irish bank's shares fell from the overnight €17.10 (£13.47) to a low of €16.80 (£13.23) before finally closing down 10 cents on €17.00 (£13.39). Bank of Ireland was 30 cents lower on €19.75 (£15.55) while the two merger stocks were both weaker with Irish Life down 35 cents on €8.40 (£6.62). while Irish Permanent drifted 15 cents lower on €14.30 (£11.26).
Among the industrials, CRH was one of the few to buck the downward trend and closed 30 cents higher on €14.40 (£11.34). Smurfit lost 3 cents to €1.45 (£1.14) as the group announced that it will pay a second interim dividend of 3.77 cents (2.97p) on March 31st - a move that gets around the abolition of tax credits on dividends which is due to come into force in April. FBD has announced a similar move and will pay a second interim dividend of 7.5 cents (5.9p) on March 30th.
Most second-liners that traded were lower, with Clondalkin losing 10 cents to €5.40 (£4.25), First Active - down 3 cents to €4.37 (£3.44), IWP - down 20 cents to €1.70 (£1.34) and Irish Continental down 25 cents on €11.50 (£9.06). Ryanair, however, gained 21 cents to close on €6.05 (£4.76).
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