Market Update: CRH leads downward trend

In contrast to other European bourses the ISEQ index of shares fell today. At lunchtime the index was down 36.45 points to 5,785.93.

Leading the downward trend was CRH which fell 184 cents to euro 18.40. Despite posting positive profits for the year 2000 the company's share price plunged following the announcement of a 1-to-4 rights issue aimed at raising euro 1.1 billion.

There were also losses for the main financials with AIB shedding yesterday's gains, down 21 cents to euro 11.71. Similarly Bank of Ireland was down 6 cents to euro 10.17. Anglo-Irish Bank bucked the trend with a 3 cent rise to euro 3.65.

FBD rose 50 cents, to euro 4.50, on the back of positive results for 2000. IAWS rose 45 cents also on the back positive results to be trading at euro 7.40.

Eircom was 9 cents to euro 2.49 while Independent News was up 3 cents to 2.92.

Jurys was down for the second day running at euro 10.20, down 20 cents on the day. Ryanair was also down at euro 11.70, down 10 cents.