The Irish stock market tracked international markets lower as the high cost of oil continued to weigh on investor sensibilities worldwide.
Amid continued talk of increased competition in the banking sector, all of the leading financial shares closed lower. AIB shed 13 cent to €17.80 while Anglo Irish Bank lost five cent to €10.95 and Irish Life & Permanent also shed five cent to €14.70. Bank of Ireland slipped below the psychologically important €13.00 level, finishing 17 cent weaker at €12.96.
Although quiet in Dublin, more than a million Ryanair shares changed hands in London. The stock lost two cent to €6.54 as the cost of fuel continued to weigh on the shares.
Shares in Jurys Doyle were among the better performers yesterday, closing 15 cent higher at €17.70, above the €17.50 Precinct is expected to offer, as investors continued to hope that a rival bidder would emerge.
There was no sign of the large scale buying seen on Friday, when property developer Seán Dunne took a 3.4 per cent stake in the company at a cost of €37 million. Dealers said speculation that another bidder might emerge had prompted many would-be sellers to wait and see if they could secure a higher price, limiting opportunities for those keen to pick up stock.
Shares in Elan had a good day, adding eight cent or 1.2 per cent to €6.60 as investors continued to hope that Tysabri would return to the market next year.
The losers included Kingspan, which gave up 32 cent or 3 per cent to €10.35 while another construction-related stock, McInerney, shed 18 cent or more than 2 per cent to €8.30.
Independent News & Media, which saw sales of the UK Independent decline in July for the first time since the launch of the compact edition, lost one cent to €2.47. The company's Australian associate, APN, is due to release interim figures today.
Reflecting the generally weaker tone on the Irish market, the ISEQ Exchange Traded Fund closed 11 cent lower at €13.52. Dublin Report
- Settlement Date: August 18th
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