Little changes as markets steady after week of losses

DUBLIN REPORT: Iseq: 2,886.14 (-1.69) Settlement date: May 27thTHE ISEQ index finished virtually unchanged yesterday as European equity markets steadied a little after a week of heavy losses.

On a day lacking in stock-specific stories, financial names found themselves out of favour after Bank of Spain stepped in at the weekend to rescue a small savings bank, CajaSur.

Bank of Ireland was the most actively traded stock, with about 29 million shares changing hands in Dublin. The stock finished down almost 6 per cent at 73 cents.

AIB and Irish Life & Permanent were also weaker, each losing more than 3 per cent to finish at €1.04 and just under €2.07 respectively.

Most industrial stocks fared better on the day. Packaging giant Smurfit Kappa rose almost 4 per cent, or 23 cents, to €6.48.

Cider producer C&C added more than 1 per cent to close at almost €3.29 in advance of releasing numbers today.

Elsewhere in the food and drink industry, Kerry Group got a small lift after its UK peer Cranswick released strong results. Kerry closed up 4 cents at €21.51.

Low-cost carrier Ryanair benefited from the news that Icelandic scientists now say their volcano is only producing steam with no ash.

The stock almost touched €3.16 during the session, but came back to rest at €3.13 by the close, up 1.3 per cent or 4 cents.

Rival airline Aer Lingus also bounced more than 1 per cent, bringing it to 69 cents.

Greencore, which has figures out today, closed down 3.5 cent at €1.25, on light volume.

Of the minnow stocks, Aminex was one of the strongest performers, jumping more than 8 per cent to 10 cent.

The oil and gas exploration company announced yesterday that Korex, in which it has a 50 per cent stake, has signed a new agreement for exploration rights in the Korean East Sea.