Market Report:Another €1.3 billion was wiped off the Irish market yesterday as the negative sentiment seen in particular among the financials on Thursday continued.
The Iseq index of Irish shares fell 1.1 per cent, yet again underperforming its European peers, as the index's largest members all remained out of favour. Dealers reported decent volume in the banks, with 4.5 million Anglo Irish Bank shares changing hands as the stock fell 1.9 per cent, or 30 cent, to end at €15.25.
Bank of Ireland was down 1.3 per cent, or 20 cent, at €15.30, while AIB slipped just under 1 per cent, to close 20 cent lower, at €20.95.
Irish Life & Permanent, whose negative mortgage-related comments on Thursday sparked the particularly poor performance of the Irish banks that day, fell as much as 1.7 per cent, before recovering some ground to end the day marginally ahead, up just eight cent, at €18.90.
Elsewhere, there was little positive news, though Independent News & Media (IN&M) and Aer Lingus managed to move ahead after news of share buying in both stocks.
Businessman Denis O'Brien yesterday revealed he had added to his holding in Aer Lingus, with the purchase of one million units. This sparked interest in the stock, which ended the day up 2 per cent, or five cent, at €2.55.
Meanwhile, shares in IN&M advanced 2.6 per cent, or 10 cent, to €3.70, after the company said it had bought another one million shares at a cost of €3.65 each in a continuation of its plans to buy back stock and hold it in treasury. As many as five million shares changed hands.
DCC was one of the few gainers, rising 1 per cent, or 26 cent, to close at €25.26. Dealers attributed the positive move to speculation that a deal is close on the group's Manor Park Homes.
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