Iseq finishes flat despite European markets' slide

The Iseq index of Irish-listed shares finished flat today, which meant it outperformed stock markets across Europe, as the FTSE and other major indices falling around 2.8 per cent.

Building materials and DIY merchants Grafton and fruit group Fyffes both released trading updates, but while Fyffes said its 2008 earnings would be at the upper range of analysts' expectations, Grafton's management indicated that difficult trading conditions meant earnings would be at the lower end of expectations.

Grafton's share price duly gave up some of the gains it had made in a decent recent run and the stock closed down 4.4 per cent at €2.38.

Fyffes, meanwhile, lost 1.7 per cent to close at 28 cent, but there was very little trading interest in the stock, which said its earnings forecasts were dependent on securing significant price increases.

With poor jobless figures coming out of the US, stock markets began to run out of steam, but there was decent volume in Anglo Irish Bank, which rose 25 per cent to 26 cent, while AIB closed down 1 cent and Bank of Ireland finished flat.

Ryanair said it had hedged half of its fuel requirements for 2009 at an average of $64 a barrel. This compares favourably to other airlines and was well received by the market, although the stock fell 3 cent to €3.16, having traded higher earlier in the session.

Industrial holdings group DCC climbed 8 per cent to €12.40, as it acquired a small energy company and benefited from a slightly stronger sterling.

Elsewhere, CRH held onto most of the gains it made yesterday, when investors responded positively to its latest trading update.