Iseq: 5,638.58 (-168.26) Settlement date: June 12thFINANCIAL STOCKS endured a torrid day yesterday, helping to drag the Iseq down 2.9 per cent, or 168 points, to 5,638.58 by the close of business.
Irish banks took their lead from their British counterparts which were also under pressure throughout the day on the back of news that US investment bank Lehman Brothers was raising $6bn to boost its finances after posting a record loss in the second quarter of 2008.
Irish Life & Permanent bore the brunt of the sell-off among financial stocks on the Iseq. It was down 5.6 per cent, or 56 cents, at €9.50. Anglo Irish Bank dropped back 37 cents, or nearly 5 per cent, to €7.13, while AIB shed 39 cents to €11.65. Bank of Ireland was 3.6 per cent weaker at €6.75.
Elsewhere, Ryanair along with other airlines was suffering a hangover from the surge in oil prices last Friday and the stock was about 3.8 per cent weaker at €2.90 with four million shares traded. However, Aer Lingus bucked the trend, picking up two cents to €1.58.
Construction stocks were also under pressure as the Ulster Bank construction purchasing managers' index showed a sharp decline for May. McInerney Holdings was one of the market's worst performers on the day as it dropped 6.7 per cent to €0.84. Kingspan shed 19 cents to €5.93, while CRH was 97 cents weaker at €21.35.
On a positive note, food group IAWS enjoyed a good day on the back of its confirmation that it had agreed to merge with its Swiss peer Hiestand. The stock opened positively at the €17 mark, but drifted off a little in late afternoon trading. However, it still managed to end 32 cents stronger at €16.50 with more than 400,000 shares traded.
CPL also ended the day in positive territory as it tacked on five cents, or more than 2 per cent, to €2.35.
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