Market report:Ongoing worries about the Spanish property market and the possible implications for Ireland weighed down the Irish market on a day with very little company-specific news.
The Iseq, the only European market to close the day down, was 30.81, or 0.32 per cent, weaker, at 9,542.58 after a bit of a rollercoaster day which saw the market down quite heavily by midday before improving later in the day.
Irish Life & Permanent, which has the greatest exposure to the property market, was one of the biggest losers on the day, shedding 73 cents to close at €19.77, although volumes were light.
Other financials also suffered. Bank of Ireland was 3 cents weaker at €16.27, while Anglo Irish Bank also dropped 3 cents to close at €16.35. FBD, which has some exposure to Spain, also came under pressure, losing 11 cents to €40.49, but AIB, helped by strong numbers at WBK Bank in Poland, in which it has a stake, was unchanged at €22.80.
Construction stocks were also hit by the concerns over property, with McInerney,which has some exposure to Spain, the hardest hit. It shed 60 cents to €14.60 although volumes were thin. Grafton also felt the knock-on effects and was 22 cents weaker at €10.95. CRH was 12 cents off at €31.71. However, Kingspan bucked the trend as it gained 15 cents to finish at €20.35.
Elsewhere, Kenmare picked up 4 cents, or 5.88 per cent, largely on the news that it expects to extract 60 per cent more resources from its Moma Titanium Minerals mine in Africa than previously thought.
Other gainers on the day were CPL Resources, which tacked on 15 cents to €8.30, while C&C was 11 cents stronger at €12.40. Ryanair was 3 cents stronger at €6.23 on light volumes.
Settlement day: April 30th
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