BoI and AIB among losers as Iseq sheds 1.25%

DUBLIN REPORT: Iseq:2,695 (–34.06) Settlement date:October 19th

ON A day when markets in Europe generally were marked down, Dublin’s Iseq index slightly underperformed.

By the close the index had slipped back below 2,700, giving up 1.25 per cent. Losses were more heavily weighted towards the financial sector with Bank of Ireland faring worst among those stocks. The bank closed 3.87 per cent off, a fall of just 2.5 cent, closing on 62 cent in reasonable volumes. Dealers said there was little stock specific news in the sector.

AIB, which announced boardroom changes earlier in the week, was a fraction weaker on 42.8 cent. Irish Life & Permanent dipped 2.5 per cent, or four cent, to end the session on €1.56 but volumes in the stock were lighter than usual.

Elsewhere, Readymix gave up some of the gains made on Wednesday when it announced it had received an approach that could lead to an offer for the business. The shares retreated by one cent to finish on 23 cent.

Aer Lingus struggled to find buyers as the spectre of industrial unrest hung over the airline. While a work to rule by cabin crew has yet to impact on services, the shares were down three cent, 2.66 per cent weaker, on €1.10 yesterday although volumes were unexceptional.

Independent News & Media saw little market reaction to well-flagged changes in the boardroom at APN, in which it has a stake of over 31 per cent. The stock dipped by a fraction to close on 63.4 cent.

Drinks group C&C was weaker, falling close to five cent, or 1.4 per cent after rallying by 5 per cent in the previous session.

Among the few winners on the day, financial services group IFG added 2.4 per cent, three cent, to end the session on €1.29.

Building materials group Grafton was another in favour, closing 6.5 cent, or just over 2 per cent, higher on €3.25.