Dublin report: Shares got off to a good start with a mixture of results and strong sentiment driving them forwards by afternoon, although the spectre of rising oil prices dragged everything lower.
The Iseq closed one percentage point lower, which was below other European markets, after a reasonably busy day.
Grafton and FBD posted results broadly in line with expectations. Investors had been hoping for an exceptional performance from Grafton and were not disappointed.
The group, which completed the takeover of Heiton in January, showed a 23 per cent rise in profits and signalled good prospects for this year.
Despite its good news, Grafton's share price was forced lower with some sellers in the market. Dealers said it may not have weakened as much if the market had been stronger overall. By the end of the day Grafton was trading 20 cent lower at €9.70.
FBD also brought in good figures, with operating profits ahead of forecasts, and injected some activity into the day's proceedings after KBC placed its 22 per cent stake in the company. FBD took half of these shares with the rest said to have been widely spread. The deal will improve the liquidity of the stock.
After the placement, FBD had managed to buck the downward trend ending the session 45 cent higher at €20.90.
CRH was among the main casualties with the shares shedding 67 cent to end at €20.58.
Dublin Report Settlement Day: March 12th
The financials were also down. AIB lost 7 cent to €15.90, Bank of Ireland was 8 cent weaker at €12.91, Anglo Irish Bank was down 25 cent at €20 and Irish Life & Permanent was off 25 cent to €14.50.
Elan was better again yesterday with the shares gaining 21 cent to €5.65 and they were also stronger in New York.
Ryanair was weaker on the back of oil price concerns. The stock closed 10 cent down at €5.92.
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